Woronora Property Insights - Oct 2024
Woronora, NSW 2232: A Tranquil Riverside Suburb
Nestled along the Woronora River, Woronora is a peaceful suburb located 27 km south of Sydney's CBD. Spanning 2.3 square kilometers, Woronora is known for its natural beauty, with 8 parks covering nearly 30% of the area. The suburb's population has remained stable, with 2,176 residents as of 2016, although this reflects a slight decline of 2.0% from 2011.
Housing Market Trends
The housing market in Woronora has shown steady growth, with the median house price now at $1.53 million as of September 2024. The upper quartile price for houses is $2.10 million, while the lower quartile is $1.30 million, catering to a wide range of buyers. Over the past 12 months, 27 houses were sold, with properties spending an average of 36 days on the market. The median asking rent for houses is $915 per week, yielding a 3.5% rental return, making the suburb attractive to both buyers and investors.
Unit Market Trends
The unit market in Woronora is small, with only 1 unit sold in the past 12 months. The median price for units is $973,000, reflecting a slight 2.3% decrease from the previous year. Despite the limited activity, the unit market still offers opportunities for buyers looking for a more affordable option compared to houses in the area.
Woronora Property
Rental Market
The rental market in Woronora remains strong, with the median rent for houses at $915 per week as of September 2024, reflecting a healthy 3.5% rental yield. Over the past year, there has been a 16.7% increase in the rental rate for houses, indicating growing demand in the area.
For units, while the rental market is less active with only 3 rental rate observations over the past 12 months, the median rent for units across the Sutherland region is around $650 per week, with a rental yield of 3.6%.
This steady demand for rentals, especially for family-sized homes, reinforces Woronora’s appeal to both investors seeking rental income and families looking for quality rental properties.
Recent Market Activity
Woronora has seen a steady number of property transactions over the past year. In total, 27 houses were sold, with notable sales ranging from the lower quartile price of $1.30 million to premium properties reaching up to $2.10 million. The average days on market for houses in Woronora is 36 days, indicating a balanced demand.
Although the unit market is small, with only 1 unit sold in the past 12 months, it reflects a more limited supply of units available in the area. Additionally, only 1 land sale was recorded, further illustrating the rarity of vacant land in Woronora.
With only 24 new sale listings for houses over the past year, supply in Woronora remains relatively tight, which contributes to the ongoing price growth and sustained demand from buyers looking for riverside living.
Community and Lifestyle
Woronora is a family-friendly suburb, with 55% of households consisting of couples with children. The predominant age group is 40-49 years, and the suburb attracts professionals, with 23.6% of households earning over $182,000 annually. The area’s combination of riverside living, parks, and proximity to schools and amenities makes it highly desirable for families.
Investment Potential
Woronora’s combination of rising house prices, solid rental yields, and limited supply of properties makes it a prime investment location. The strong community atmosphere, natural beauty, and easy access to Sydney further enhance its appeal to both homebuyers and investors.