Casino Property Factsheet 1st Half of 2018
Casino’s property market has grown from strength to strength over the past 12 months to Q4 2017, recording a median house price of $267,500 – which represents an annual price change of 7.0%. Meanwhile median house prices of surrounding suburbs within the Richmond Valley Council grew by 11.3% to $324,000. Thus Casino’s median house prices are more affordable compared to the wider Richmond Valley Council. First home buyers and investors who act now will be rewarded with great entry price points whilst also obtaining solid positive capital growth.
Casino’s house market has become more competitive, with average vendor discount tightening to -4.7% in Q4 2017. This suggests sellers are achieving closer to their first list price – the time to sell is now. Due to the upward trend in sales price now is the time for buyers to act, before prices get out of reach.
Median rents for houses in Casino continued its upward trend over the past 12 months to Q4 2017, currently at $300 per week. Astute investors are benefiting from house rental yields of 4.3%, providing investors with great conditions for profitable returns, especially when compared to the rental yield of 2.9% in the Sydney Metro region. Low vacancy rates of 0.8% in December 2017 continue to demonstrate consistently solid rental demand for houses in the area, which suggest that now is the time to buy, as Casino is conducive for investment.Major infrastructure upgrades are often associated with strong demand in local markets. Casino’s planned infrastructure developments, valued at approximately $135.1M, are either underway or will be operational in 2018. Spillover effects are likely to provide sustainable economic growth for Casino and its residents. This is good news for investors who buy now, as they can be assured of uplift in the property industry.