Macquarie Park Property Market Update 1st Half 2023
In Q4 2022, Macquarie Park recorded a median house price of $2,210,000 and a median unit price of $770,000. This represents annual (Q4 2021 – Q4 2022) median price softening of -9.9% for houses and -5.5% for units. Total sales declined between Q4 2021 – Q4 2022, by -32.6% (to 124 sales) for houses, while total sales for units declined -19.7% over the 12-month period (to 257 sales). These trends suggest cash rate hikes have translated into the market, as median price downturn is evident alongside an undersupplied house and unit market. New opportunities now exist for buyers.
Average vendor discounts between Q4 2021 and Q4 2022 have shifted for houses, to a lower premium of 6.0% (from 8.4%). Units on the other hand swung from a neutral position to a discount of -3.4% in Q4 2022. House sellers can still achieve a final price above the first list price; however, buyers can benefit from a slightly lower premium.
House rental yields in Macquarie Park was 2.9% in December 2022, slightly higher than Sydney Metro (2.7%). In the 12 months to Q4 2022 median house rental price increased by 7.1% to sit at $755 per week, alongside a 12.7% increase (to 204 rentals) in the number of houses rented. Average days on the market remained low at 26 days for Q4 2022, indicating a strong rental market in Macquarie Park.
4+ bedroom houses have provided investors with +10.8% rental growth annually, achieving a median rent of $700 per week.
Macquarie Park recorded a vacancy rate of 1.3% in December 2022, on par with Sydney Metro’s 1.3% average. Vacancy rates in Macquarie Park remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and remained relatively stable throughout 2022, indicating higher rental demand. These key indicators suggest a conducive and sustainable environment for investors, especially with a softer median sale price between in the past 12 months to Q4 2022.
