Over the previous year, there was a modest number of nine properties changing hands in Harris Park. Immediately, it’s clear that the housing market here isn’t vibrant or explosive.
Aspiring investors might lay their eyes on Harris Park, but the disappointing rental yield of 2.37% for houses casts a shadow of doubt. Alongside a median weekly rent of $550, the figures hardly champion this location as the go-to for outstanding returns.
Harris Park spreads across a mere 0.7 square kilometre, further limiting its appeal. Additionally, of that paltry space, a scant 2.4% is dedicated to public greenery, accounting for only four parks.
Demographics show an unimpressive population growth, from 5,071 residents in 2011 to a lukewarm 5,785 in 2016. That’s an increase of just 14.1%, which hardly suggests vibrant inhabitation or surging popularity.
Those living in Harris Park primarily range from 30-39 years old. But there’s no dynamism or diversity, as most of the households are comprised of couples with children, possibly straddled with the burden of monthly mortgages between $1800 – $2399.
A glimpse at the job scene reveals a majority engaging in professions, giving Harris Park a run-of-the-mill reputation. The town fails to attract a diverse set of industries, further limiting its appeal.
In a further blow to the town’s appeal, owner-occupied homes dropped from 28.1% in 2011 to a stingy 23.9% in 2016. The decreasing figures paint a telling picture of the local housing market’s direction.
The situation remains dire when we turn our gaze towards the apartment scene in Harris Park. Specifically, the median property price for an apartment stands at an unexciting $550,500.
In the past year, a total of 164 apartments were sold, a subdued pace in real estate terms. Meanwhile, prospective investors must contend with a protracted 46-day wait before apartments find a buyer on average, a tiresome and discouraging duration.
Supposedly teetering on the edge of profitability, rental yields for apartments sit at just 5.96%. Given the median weekly rent hovers around $560, it’s clear the returns fall well below the promising line for investors.
Adding insult to injury, apartment prices saw a concerning decrease of -0.81% over the last quarter. However, they experienced a slow crawl of a 19.67% growth over the past 12 months, hardly justifying the previous quarter’s decline.
Just like the houses, apartments in Harris Park mostly house couples with children. Once again, the monotony seems to rule large, thwarting any ambition for a diverse, bustling community.
Mortgage repayments for these apartments hover in the same nerve-racking range of $1800 – $2399. This causes additional financial strain on the families living there, further contributing to the lacklustre appeal of the area.
Consistent with the homogenous residential profile, those in apartment households similarly engage in professional occupations. The lack of occupational diversity continues throughout the district, hardly endorsing it as an inspiring career hub.
The latest figures paint a bleak image of homeownership in Harris Park, with owner-occupied apartments falling from 28.1% in 2011 to a worrying 23.9% in 2016. This decreasing trend clearly casts a long shadow over the town’s property ownership appeal.
Ultimately, the statistics suggest that Harris Park is an area steeped in mediocrity, as both the housing and rental markets perform poorly. Though some argue otherwise, the figures speak volumes, vehemently questioning the profitability and liveability of Harris Park.