Macquarie Park Property Market Update 2nd Half of 2022
In Q2 2022, Macquarie Park recorded a median house price of $2,275,000 and a median unit price of $798,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 8.3% for houses and a price softening of -12.1% for units. Total sales declined between Q2 2021 – Q2 2022, by -35.2% (to 92 sales) for houses and by -59.6% (to 168 sales) for units.
A two-speed market is evident in Macquarie Park. The house market remains undersupplied, as median price growth is alongside lower sales. However, the unit market saw a translation in cash rate hikes, with price growth and transactions slowing.
Average house vendor discount between Q2 2021 and Q2 2022 have remained at a high premium, of 8.5%. Average unit vendor discount has swung to a discount in Q2 2022, of -1.6% for units. House market conditions in Macquarie Park continue to heavily favour sellers, where buyers must pay large premiums above initial listing prices. Unit buyers now benefit from a discount.
In June 2022, house rental yields in Macquarie Park (2113) were recorded at 2.4%. In the 12 months to Q2 2022, median house rental price increased by 25.0% to reach $750 per week, while average days on the market declined by -22.2% (to 21 days). In a market dominated by units, the house rental market has performed strongly, due to an imbalance between supply and demand. This proves beneficial for investors, despite the increase in median house sale price in the past 12 months.
3+ bedroom houses have provided investors with +16.7% rental growth annually, achieving a median rent of $750 per week.
Macquarie Park (2113) recorded a vacancy rate of 3.3% in June 2022, which is above Sydney Metro’s 1.6% average. Vacancy rates in Macquarie Park have continued to decline over the past 12 months, and now are trending just above the Real Estate Institute of Australia's healthy benchmark of 3.0%. The downwards trend highlights the rental demand potential of Macquarie Park, whilst also prompting investors to hold tenants to longer –term leases for security of cashflow.
