Casino Property Market Update 1st Half of 2023
In Q4 2022, Casino recorded a median house price of $442,500, and a median unit price of $388,750. This represents annual (Q4 2021 – Q4 2022) median price growth of 6.6% for houses and growth of 11.9% for units. On a quarterly (Q3 2022 – Q4 2022) basis median house prices softened by -1.1%, whilst units continue to grow, at 14.3%. For the house market this reflects cash rate hikes, lower consumer confidence, and current economic conditions. Furthermore, Q4 2022 recorded the lowest number of house sales, of 26 sales. There are now new opportunities for buyers ready to enter the market.
Average vendor discounts between Q4 2021 and Q4 2022 have widened to a higher discount of -3.9% for houses and -16.1% for units. Market conditions in Casino have shifted to favour buyers, as sellers are willing to negotiate below the initial listing price. Now is the time to buy.
House rental yields in Casino was 3.7% in December 2022, above Sydney Metro (2.7%). This was paired with a 4.7% increase in median house rental price in the 12 months to Q4 2022 and a -6.5% decrease in the number of houses rented. Average days on the market remained low, at 23 days. The unit market has seen stable price growth and high increase in the number of units rented. This confirms Casino as an attractive more affordable investment option compared to Sydney.
3 bedroom houses have provided investors with +12.5% rental growth annually, achieving a median rent of $450 per week.
Casino recorded a vacancy rate of 0.9% in December 2022, which is well below Sydney Metro’s 1.8% average. Vacancy rates in Casino saw a spike in the late 2022, potentially due to investors responding to higher interest rates. However, it is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus positive rental demand. This suggests a conducive investment environment, especially with a decrease in median house price in the past quarter (Q3 – Q4 2022).
