Taren Point Property Insights - Aug 2024

Taren Point, NSW 2229: A Property Market Overview

Located in southern Sydney, Taren Point is a small yet exclusive suburb known for its quiet streets and scenic waterfront views. Spanning approximately 3.5 square kilometers with six parks covering 4.5% of the area, this suburb has seen steady growth. Its population increased from 1,681 in 2011 to 1,715 in 2016, with the predominant age group being 80-89 years, reflecting a more mature community.

Housing Market Trends

The housing market in Taren Point has shown significant activity in the luxury segment. As of July 2024, the median house price is $2.39 million, representing a 6.6% growth from the previous year. Over the past 12 months, 15 houses were sold. Despite the high prices, the median asking rent for houses has reached $1,100 per week, making it an attractive suburb for both high-end buyers and investors.

Properties in Taren Point are selling slower than in other suburbs, with an average of 121 days on the market. The upper quartile for house prices is $3.31 million, showing the suburb's appeal to affluent buyers. The rental yield for houses stands at 2.5%.

Unit Market Trends

The unit market in Taren Point, though smaller, remains stable. The median price for units is $1.27 million. In the past year, 13 units were sold, with the median days on the market at a swift 14 days. While there is limited data on rental prices for units, the yield is estimated to be 3.4%, making it a reasonable option for investors.

Land Market

The land market in Taren Point is extremely limited, with only 3 properties sold in the last 12 months. The median price for land is $948,000, but the low volume of transactions makes trend analysis challenging. However, the scarcity of available land makes it a valuable commodity in this desirable suburb.

Demographics and Lifestyle

Taren Point is primarily a suburb of childless couples, making up 48.3% of households. Couples with children represent 41.3% of the population, and single parents make up 10.6%. The suburb's mature demographic is further reflected in the population age distribution, with 17.6% of residents aged 80-89 years.

The suburb attracts professionals and high-income earners, with a notable proportion of households earning over $182,000 annually. Taren Point's appeal lies in its tranquility, exclusivity, and close proximity to Sydney's amenities.

Investment Potential

Taren Point's property market offers attractive investment opportunities, especially in high-value properties. With rising median prices and solid rental yields, it remains a desirable location for investors looking for long-term growth in Sydney’s southern suburbs.