Rental Yields

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Rental yields in Sydney have been on the decline over the past decade, as rents have failed to keep pace with increasing property prices, according to the latest Herron Todd White (HTW) residential report. 

The valuation firm took a look at yields across the country and dissect where to find the best returns in residential markets.

According to SQM research, average yields for houses in Sydney fell from 3.7% in August 2009 to 2.8% in August 2019, while units fell from 4.9% to 3.7% over the same period.

[smartcode_project:default project_id=6798]

The HTW report notes while prices were rising, investors were happy for the capital growth to offset the declining rental yields.

<a href="https://www.propertyobserver.com.au/images/2019/10/9/sydney%20yield%20.jpg" target="_blank">Click here</a> to enlarge: 

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/10/9/sydney%20yield%20.jpg">

Source: data from SQM Research

"Unfortunately as prices began to fall over the past two years, rental yields did not climb as expected, as increasing rental vacancies put downward pressure on asking rents," the valuation firm said. 

"Obviously Sydney is a large city and rental yields will differ across its many regions.

"So which regions are currently providing the best average yields? For houses, the Lower North Shore has the highest average yield at 3.5%, while south-western Sydney and western Sydney enjoy a 3.3% yield.

[smartcode_project:default project_id=7317]

"On the unit side, the CBD is the clear winner for average rental yield at 4.4%, while the Hills Districts, south- western Sydney and western Sydney were at 4.1%," the valuation firm added. 

With yields at 10-year lows across most parts of Sydney, investors are looking at alternatives to the standard house or unit to help improve their potential yields, HTW noted.
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j.ballantyne1990-6AQqhLzZaK

What are the Sydney suburbs with the highest residential rental yields: HTW 

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Chevron One, set to be Chevron Island's first high-rise, is no doubt set to attract the eye of interstate investors.

Developer Bensons Property Group are offering a range of incentives for investors in the 41 level tower designed in collaboration with Marchese Partners and Byrns Lardner Landscape Architecture.

[smartcode_project:default project_id=6515]

<h2>What investors need to know</h2>

Investors can bag a six per cent rental guarantee for five years, considerably stronger than the average yields on offer in the major capital cities.

CoreLogic calculated that gross rental yields in Sydney and Melbourne fell to fresh record lows in February, with Sydney at 2.9 per cent and Melbourne at three per cent.

Rental income is down -5.3 per cent in Sydney and -8 per cent in Melbourne annually, according to CoreLogic.

The yields on offer at Chevron One would outweigh other capital cities whose gross rental yields are around the mid-4 per cent mark or higher. Regional Queensland, the category in which Chevron Island falls in to, is at 5.1 per cent.

<a href="https://www.urban.com.au/new-apartments/chevron-one-36-44-stanhill-drive-surfers-paradise"><img alt="" height="615" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_one_pool.jpg" width="1200"></a>

Chevron One Residences offer a fully furnished, fully managed and hassle-free ‘turnkey’ lifestyle investment.

Interstate investors in particular will be keen on the 14 day free days of holiday accomodation per year for their apartment. Chevron One boasts close to 2000 sqm of resort-style amenities, with a Club One residents’ lounge, floating cinema, sculptured gardens and dining facilities.

The entry price to Chevron One is as low as $480,000 for a one bedroom, one bathroom apartment. A two bedroom, two bathroom apartment with parking is priced from $705,000.

<a href="https://www.urban.com.au/new-apartments/chevron-one-36-44-stanhill-drive-surfers-paradise"><img alt="" height="425" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/chevron_1_0.jpg" width="700"></a>

Repayments on a $700,000 apartment, with a low interest rate of around two per cent, would be around $14,630 of interest per annum, compared to the $42,000 in rental income per annum.

Hutchinson Builders have been appointed to build the tower having demolished the former building at 46 Stanhill Drive. Completion is slated for mid-2023.

 
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Chevron One Residences offer a fully furnished, fully managed and hassle-free ‘turnkey’ lifestyle investment.



Joel Robinson

Why interstate investors are eyeing up luxury Surfers Paradise apartment tower Chevron One

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The disparity in rental markets across Australia has been extreme. At one end of the spectrum we have extremely tight rental conditions in cities such as Perth and Darwin where both house and unit annual rental growth is above 10%. At the other end are the unit rental markets of Sydney and Melbourne where rents have plunged over the last year, down -5.3% in Sydney, and -8.0% lower in Melbourne. In a similar vein to housing values, rental markets are stronger within the detached housing sector relative to the unit sector.

“The strength in Perth and Darwin’s rental sector can be attributed to a mix of low supply, due to a recent history of low investor participation, and rising demand as interstate migration trends move into positive territory. The opposite trends in Sydney and Melbourne have seen rental markets weaken; higher rental supply due to a recent history of investor exuberance, weaker demand from negative interstate migration and, more recently, a demand shock from closed international borders where Melbourne and Sydney were the primary recipients of migrant arrivals,” Mr Lawless said.

However, the weak conditions across Sydney and Melbourne unit markets look to be turning. Sydney’s rental index for units has recorded two successive months of mild rises, while Melbourne unit rents edged higher in February after falling for nine of the previous ten months. The improvement in unit rents across Australia’s two largest cities is likely to be at least partially seasonal as demand from domestic students generally rises early in the year, but could also be attributable to more people returning to work in the inner cities as well as workers in some of the hardest hit industries such as hospitality, food and accommodation services returning to employment.

Until international borders re-open and migration rates return to their pre-COVID levels, a more substantial improvement in inner city apartment rents is unlikely.

<img alt="" height="342" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/rental_market_feb.jpg" width="583">

Weaker rental conditions in Sydney and Melbourne relative to rising home values is evident in the gross rental yields, with yields across both cities falling to fresh record lows in February. Gross rental yields in Sydney were recorded at 2.9% at the end of February, while in Melbourne yields averaged 3.0%. Every other capital city is recording gross rental yields around the mid-4% mark or higher, implying positive cash flow opportunities are more likely in these markets.

Australian home values surged 2.1% higher in February; the largest month-on-month change in CoreLogic’s national home value index since August 2003. Spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia’s housing market is in the midst of a broad-based boom.

Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing.

According to CoreLogic’s research director, Tim Lawless, a synchronised growth phase like this hasn’t been seen in Australia for more than a decade. “The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fueled buyer demand.”

Sydney and Melbourne were among the strongest performing markets, recording a 2.5% and 2.1% lift in home values over the month respectively, as Australia’s two largest cities caught up from weaker performance through 2020. The quarterly trend however, is still favouring the smaller cities; Darwin housing values rose 5.5% over the past three months, Hobart values rose 4.8% and Perth was up 4.2%.

“Whether this new found growth in Sydney and Melbourne can be sustained is unclear. Both cities are still recording values below their earlier peaks, however at this current rate of appreciation it won’t be long before Australia’s two most expensive capital city markets are moving through new record highs. With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge in these cities,” Mr Lawless said.

A housing market trend that has persisted through the COVID period to-date is the weaker performance of unit markets relative to detached housing. Across CoreLogic’s combined capitals index, house values (+4.4% over the past three months) have recorded a growth rate more than three times higher than that of its unit counterparts (+1.4%). There are some tentative signs this trend could become less obvious, with Sydney unit values recording their first month of growth since April last year and Melbourne unit values recording their largest gain since late 2019.
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The disparity in rental markets across Australia has been extreme

jordan_55689

Unit rents down -8% in Melbourne but soar 10% in Perth and Darwin

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A broad trend that is becoming increasingly evident is the outperformance of houses over units, according to the latest report from CoreLogic.

They found that at a national level, house values have risen by 3.5% over the past six months while unit values are unchanged. More recently, the past three months has seen every capital city record a stronger result for houses over units.

“Demand for units has diminished through COVID-19 amidst record low levels of investor participation and changing living preferences. At the same time supply levels are heightened in some precincts. While demand and supply remain imbalanced we are likely to see units continue to underperform relative to detached housing markets,” Tim Lawless said.

The rental market dynamic has changed substantially through COVID but there are some early signs that weakness across the unit sector is starting to level out, if not turn around.

<img alt="" height="663" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/jan_rents_cl.png" width="706">

Rental demand has transitioned towards detached and lower density housing markets since the pandemic, partly reflecting the disruption to rental demand from overseas migration, but also the stress of changed working conditions, caused by COVID restrictions, in industry sectors that are traditionally more aligned with rental demand. Additionally, with more people working from home, demand for larger housing options has lifted.

Unit rents in Melbourne and Sydney are down 7.8% and 5.6% respectively over the past year, but in some positive news for landlords, the rate of decline is easing across these markets; in fact Sydney unit rents posted the first month-on-month rise in January (+0.8%) since March last year and Melbourne unit rents held firm over the month.

Unit rents across Brisbane and Hobart have also been on a downwards trajectory through COVID, however recent months have shown a similar trend of rising rents as conditions start to stabilise.

Part time job numbers have now fully recovered back to pre-COVID levels and more businesses are embarking on a return to work program which could be helping to support renewed demand towards inner city rental accommodation. Additionally, with rental rates now lower for inner city units, improved rental affordability could be attracting more people back to inner city renting.

Geographically, Perth and Darwin stand out with the largest rental increases. The annual lift in house rents is well into double digit territory while unit rents are also posting strong gains.

The strong rental conditions in these regions comes after a long run of falling rents and low levels of investment activity. The result is extremely tight rental supply at a time of rising demand, while affordability is relatively healthy due to the sustained fall in rents between 2013 and 2018.

<img alt="" height="603" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/jan_rents_cl_2.png" width="492">

Despite the substantial lift in Perth and Darwin rents over the past year, the median rental rate in Perth is still $90/week lower than the 2013 peak, and Darwin rents remain $145/week below their previous record high in 2014.

Gross rental yields have been under some downwards pressure as housing values outperform rents, with gross rental yields across the combined capital city yields down 9 basis points, and the combined regional areas have recorded a 19 basis point drop.

Although the general trend is towards yield compressions, there are a few broad regions where rents have risen faster than housing values, resulting in higher yields over the year. The gross yield in Perth is up 11 basis points to reach 4.4% and Darwin yields are 16 basis points higher at 6.0%.
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Rental yields in Perth and Dawin are up over 8% especially when compared to Sydney and Melbourne which are down over -5%

urban.com.au

Perth and Darwin buck the trend of weakening rental yields: CoreLogic

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The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment.

Having been grossing $46,000 in holiday rental, the two bedroom, one bathroom apartment price reflects a 14 percent yield before costs.

The body corporate fee was advised as $159 per week, the water bill as  $420 per quarter and council rates at $3500 per annum.

The Chevron Renaissance apartment (pictured above), at 2167/23 Ferny Avenue, had previously sold to Hoxton Park investors in 2002 at $330,000, according to CoreLogic.

Prospective buyers were told "the exceptionally motivated interstate sellers must urgently liquidate" due to other commitments.

The fully furnished two bedroom apartment came with ocean, river and hinterland views from its mid-floor of the Skyline North Tower.

"Chevron Renaissance is highly regarded as a premier holiday high rise, centrally located in the heart of Surfers Paradise," the Ray White lisiting agent Harry Ranchhod advised in the marketing.

His last sale in the much traded complex was in December when 1274/23 Ferny Avenue, a two bedroom, two bathroom unit, fetched $455,000 having sold in 2003 off the plan at $658,000.
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The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment, grossing $46,000 in holiday rental revenue

jchancellor

Surfers Paradise Chevron Renaissance apartment sale reflects a 14% yield

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Combined capital city home values have increased substantially since the financial crisis in 2008 however, this is largely being driven by Sydney and Melbourne with value growth muted in most other capital cities.
As the financial crisis hit in 2007/08, Australia’s combined capital city housing markets experienced a -6.1% decline in home values between March and December 2008.  Due to aggressive interest rate cuts by the Reserve Bank (RBA) and the introduction of the boost to the First Home Owners Grant, further home value declines were averted.  In fact, home values began to rise across two cycles; from December 2008 and in June 2016, 7.5 years later, combined capital city home values are now 54.9 percent higher.
The first chart highlights the increases in home values over the past 7.5 years.  What is immediately noticeable is that the increases have been all about Sydney (87.9 percent) and Melbourne (71.8 percent).  In fact, most other capital cities have recorded growth which is around or below the rate of inflation.
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<h3>Total change in capital city dwelling values December 2008 to June 2016</h3>
<a href="/images/2016/07/19/2016-07-15--image1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image1.jpg" alt="">
From December 2008, combined capital city home values increased until October 2010, rising by 21.8 percent. 
Official interest rates were first increased coming out of the financial crisis in October 2009, rising by 175 basis points to November 2010.  The boost to the First Home Buyers Grant was partially removed in September 2009 and completely removed after December 31 2010.  These combined factors saw the rate of value growth slow, followed by a decline in dwelling values. 
The second chart highlights that from December 2008 to October 2010 dwelling values rose in all cities with Sydney, Melbourne and Darwin the standouts.  Despite very low interest rates, Brisbane, Adelaide, Perth and Hobart recorded little value growth over this period.
<h3>Total change in capital city dwelling values December 2008 to October 2010</h3>
<a href="/images/2016/07/19/2016-07-15--image2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image2.jpg" alt="">
Between October 2010 and May 2012 as stimulus was removed from the housing market, combined capital city home values fell by -7.4 percent.  Darwin, Melbourne and Brisbane recorded the largest falls over the period.  Looking back at this period it is clear that low interest rates and first home buyer incentives stimulated the market and, as they were removed, demand was shown to be fragile. 
In October 2010, official interest rates were recorded at 4.75 percent and by May 2012 they had fallen by 100 basis points to 3.75 percent.
<h3>Total change in capital city dwelling values October 2010  to May 2012</h3>
<a href="/images/2016/07/19/2016-07-15--image3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image3.jpg" alt="">
From May 2012 to June 2016, combined capital city home values have increased by 37.3 percent while official interest rates fell by 200 basis points to 1.75 percent.  Although home values have increased over the period, Sydney and Melbourne have recorded a substantially higher rate of value growth than all other capital cities. 
<h3>Total change in capital city dwelling values May 2012 to June 2016</h3>
<a href="/images/2016/07/19/2016-07-15--image4.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/07/19/2016-07-15--image4.jpg" alt="">
The data indicates that since the financial crisis the capital city housing market could be described as being extremely interest rate sensitive.  Digging deeper into the data shows that in reality it is only Sydney and Melbourne that have really responded to the stimulus of low interest rates.  The relative strength of the Sydney and Melbourne economies and the much greater employment growth has clearly assisted drive housing values higher in these cities.
Until the economic performance improves outside of Sydney and Melbourne it seems unlikely that sustainable growth will return in these areas despite the extremely low interest rates which are set to potentially move even lower over the coming months.  For Sydney and Melbourne although affordability is increasingly becoming stretched home owners have experienced a substantial increase in equity. 
With historically weak rental markets and record low yields it will be interesting to see if investors and upgraders in the two largest capital cities continue to show a thirst for housing in these cities given the growth phase has now been running for more than four years.
Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
 
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ckusher-ujnxiKuFQs

Home value growth remains all about Sydney and Melbourne: Cameron Kusher

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Richard Wakelin, founder of Wakelin Property Advisory, has suggested properties with high yields tended to be more vulnerable than other properties to economic shocks, not less.
"They are often located in areas that struggle economically in the best of times due to a limited and narrow economic base and contain tenants who are more susceptible to bouts of unemployment," he wrote in his latest Fairfax Media column.
"Consequently, in downturns, there is a serious risk of rent arrears and extended vacancies that can bleed dry an investor's cash reserves and capital values that fall harder than elsewhere." 
<div>
Those properties essentially have high yields as compensation for the high risk the properties present, he warned.
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<div>
"In these less certain times for property, I would much prefer to see a risk-averse prospective investor sit on the sidelines than opt for a high-yielding asset," he suggested before adding over the long term, sitting on the sidelines and not buying growth assets was a material risk to future retirement prospects.
He suggested few are able to "time the market" and buy at the bottom.
"So put aside the market cycle.
"Invest when you have the means," the Melbourne buyers' agent suggested.
<div>
Noting most capital city residential property markets are slated for little or even negative capital growth in coming months, Wakelin rebuked the suggestion that the promise of some income make high-yielding properties was the least bad asset to hold in a time of decline.
They were not the property market's equivalent of the equity market's unglamorous but safe defensive utility stocks that pay a significant dividend twice a year.
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Wakeline said there had been "a hard few years for those seeking income yield" as property yields had, in line with most other assets, receded "almost remorselessly."
He cited CoreLogic charting a fall of capital city gross yields from 4.5 per cent for houses and 5.1 per cent for apartments back in March 2012 down to 3.2 per cent for houses and 4 per cent for apartments in December 2017, adding yields vary markedly from property to property, location to location.
"Yields for multi-million-dollar mansions in Sydney or Melbourne are often less than two per cent.
"By contrast, yields for student studio apartments or outback houses can be in excess of six or even seven per cent."
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Warning that properties with high yields carry high risk in current downturn

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The top three suburbs in Western Australia with the highest gross rental yields are Kambalda west with 10.2% followed by Nickol (9.67%) and Port Hedland at 9.51%.
According to CoreLogic RP Data the lowest gross rental yields are in Dalkeith (2.33%) followed by Cottesloe (2.52%) and Coolbinia (2.55%).
Highest
<table border="1">
<colgroup>
<col>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td class="s0">Suburb</td>
<td class="s0">Postcode</td>
<td class="s0">Median Price ($'000)</td>
<td class="s0">Gross Rental Yield (%)</td>
<td class="s0">Weekly Median Advertised Rent</td>
</tr>
<tr>
<td class="s0">Kambalda west</td>
<td class="s1">6442</td>
<td class="s1">$133</td>
<td class="s1">10.2</td>
<td class="s1">$260</td>
</tr>
<tr>
<td class="s0">Nickol</td>
<td class="s1">6714</td>
<td class="s1">$430</td>
<td class="s1">9.67</td>
<td class="s1">$800</td>
</tr>
<tr>
<td class="s0">Port Hedland</td>
<td class="s1">6721</td>
<td class="s1">$875</td>
<td class="s1">9.51</td>
<td class="s1">$1,600</td>
</tr>
<tr>
<td class="s0">Pegs Creek</td>
<td class="s1">6714</td>
<td class="s1">$430</td>
<td class="s1">8.47</td>
<td class="s1">$700</td>
</tr>
<tr>
<td class="s0">Millars Well</td>
<td class="s1">6714</td>
<td class="s1">$405</td>
<td class="s1">8.35</td>
<td class="s1">$650</td>
</tr>
<tr>
<td class="s0">Kambalda East</td>
<td class="s1">6442</td>
<td class="s1">$125</td>
<td class="s1">8.32</td>
<td class="s1">$200</td>
</tr>
<tr>
<td class="s0">South Boulder</td>
<td class="s1">6432</td>
<td class="s1">$185</td>
<td class="s1">8.29</td>
<td class="s1">$295</td>
</tr>
<tr>
<td class="s0">Bulgarra</td>
<td class="s1">6714</td>
<td class="s1">$440</td>
<td class="s1">7.98</td>
<td class="s1">$675</td>
</tr>
<tr>
<td class="s0">Baynton</td>
<td class="s1">6714</td>
<td class="s1">$593</td>
<td class="s1">7.89</td>
<td class="s1">$900</td>
</tr>
<tr>
<td class="s0">Katanning</td>
<td class="s1">6317</td>
<td class="s1">$163</td>
<td class="s1">7.68</td>
<td class="s1">$240</td>
</tr>
<tr>
<td class="s0">Boddington</td>
<td class="s1">6390</td>
<td class="s1">$260</td>
<td class="s1">7.6</td>
<td class="s1">$380</td>
</tr>
<tr>
<td class="s0">Coolgardie</td>
<td class="s1">6429</td>
<td class="s1">$174</td>
<td class="s1">7.47</td>
<td class="s1">$250</td>
</tr>
</tbody>
</table>
Lowest
<table border="1">
<colgroup>
<col>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td class="s0">Suburb</td>
<td class="s0">Postcode</td>
<td class="s0">Median Price ($'000)</td>
<td class="s0">Gross Rental Yield (%)</td>
<td class="s0">Weekly Median Advertised Rent</td>
</tr>
<tr>
<td class="s0">Dalkeith</td>
<td class="s1">6009</td>
<td class="s1">$2,450</td>
<td class="s1">2.33</td>
<td class="s1">$1,100</td>
</tr>
<tr>
<td class="s0">Cottesloe</td>
<td class="s1">6011</td>
<td class="s1">$1,850</td>
<td class="s1">2.52</td>
<td class="s1">$895</td>
</tr>
<tr>
<td class="s0">Coolbinia</td>
<td class="s1">6050</td>
<td class="s1">$1,080</td>
<td class="s1">2.55</td>
<td class="s1">$530</td>
</tr>
<tr>
<td class="s0">Menora</td>
<td class="s1">6050</td>
<td class="s1">$1,240</td>
<td class="s1">2.58</td>
<td class="s1">$615</td>
</tr>
<tr>
<td class="s0">Middleton Beach</td>
<td class="s1">6330</td>
<td class="s1">$663</td>
<td class="s1">2.59</td>
<td class="s1">$330</td>
</tr>
<tr>
<td class="s0">Nedlands</td>
<td class="s1">6009</td>
<td class="s1">$1,575</td>
<td class="s1">2.64</td>
<td class="s1">$800</td>
</tr>
<tr>
<td class="s0">Swanbourne</td>
<td class="s1">6010</td>
<td class="s1">$1,519</td>
<td class="s1">2.65</td>
<td class="s1">$775</td>
</tr>
<tr>
<td class="s0">Floreat</td>
<td class="s1">6014</td>
<td class="s1">$1,350</td>
<td class="s1">2.7</td>
<td class="s1">$700</td>
</tr>
<tr>
<td class="s0">South Perth</td>
<td class="s1">6151</td>
<td class="s1">$1,150</td>
<td class="s1">2.71</td>
<td class="s1">$600</td>
</tr>
<tr>
<td class="s0">Rossmoyne</td>
<td class="s1">6148</td>
<td class="s1">$1,100</td>
<td class="s1">2.79</td>
<td class="s1">$590</td>
</tr>
<tr>
<td class="s0">Peppermint Grove</td>
<td class="s1">6011</td>
<td class="s1">$3,700</td>
<td class="s1">2.81</td>
<td class="s1">$2,000</td>
</tr>
<tr>
<td class="s0">Applecross</td>
<td class="s1">6153</td>
<td class="s1">$1,408</td>
<td class="s1">2.87</td>
<td class="s1">$778</td>
</tr>
</tbody>
</table>
 
 
 
 
 
 
 
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jonathanchancellor-7SQnKwU6yx

Western Australia's highest and lowest suburbs for gross rental yield

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Sydney's northern beaches suburb of Collaroy had the greatest increase in house rents across the year, up 31.6% according to CoreLogic RP Data's September Monthly Rental Report.
The report found over the year Sydney rents increased 1.9%, with Collaroy a median rental price now of $1,250. Rose Bay has a median rental price of $1,750 - a 25% year-on-year change.
 
<a href="/images/2015/10/19/Screen%20Shot%202015-10-19%20at%203.36.55%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/19/Screen%20Shot%202015-10-19%20at%203.36.55%20PM.png" alt="" width="655" height="142">
 
The median price for a home in <a href="https://www.urban.com.au/property-observer" target="_blank">Collaroy is $1,800,000</a>, according to CoreLogic RP Data.
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