Caboolture Property Market Update 1st Half of 2023
In Q1 2023, Caboolture recorded a median house price of $564,000, and a median unit price of $285,000. This represents annual (Q1 2022 – Q1 2023) median price softening of -1.4% for houses and softening of -24.0% for units; and a quarterly (Q4 2022 – Q1 2023) softening of -1.1% (house) and -14.9% (units). Total sales have decreased annually and quarterly, to the lowest on record, of 77 for houses and 28 for units. Current cash rate and economic conditions have impacted the Caboolture market. The market is now more affordable for those wishing to capitalise on the opportunity.
Average vendor discounts between Q1 2022 and Q1 2023 have rapidly swung to a discount of -1.9% for houses and shifted to a lower premium of 0.7% for units. Market conditions in Caboolture have now shifted to favour buyers, as vendors are willing to accept either below the initial listing price (for houses) or at a lower discount than the previous 12 months (for units).
House rental yields in Caboolture was 3.9% in March 2023, slightly higher than Brisbane Metro (3.7%). This was paired with a 13.6% increase in median house rental price in the past 12 months to Q1 2023 (to $500 per week) and a 43.7% increase in the number of houses rented (to 171 houses). Average days on the market remained at a low 21 days in Q1 2023. The same pattern can be seen in the unit rental market, confirming a resilient rental market in Caboolture.
3-bedroom houses have provided investors with +22.2% rental growth annually, achieving a median rent of $440 per week.
Caboolture recorded a vacancy rate of 0.9% in March 2022, slightly below Moreton Bay LGA (1.1%) and on par with Brisbane Metro (0.9%). Vacancy rates in Caboolture saw an upward trend in the last 12 months, potentially due to investors capitalising on a tight rental market. Yet it is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Thus, a conductive investment environment, especially with a more affordable property price in the past quarter and year.
