Macquarie Park Property Market Update 2nd Half 2023
In Q2 2023, Macquarie Park recorded a median house price of $2,400,000, and a median unit price of $817,500. This represents annual (Q2 2022 – Q2 2023) median price growth of 4.3% for houses and 2.2% for units. Macquarie Park saw a continuous price growth over the past quarter (Q1 – Q2 2023), after seeing a slight dip in late 2022. Total sales increased between Q2 2022 – Q2 2023, by 16.8% (to 174 sales) for houses and 57.1% (to 418 sales) for units. Despite cash rate hikes demand is still strong in Macquarie Park. This creates an opportunity for sellers who wish to benefit from their investment.
Average vendor discounts between Q2 2022 and Q2 2023 have shifted for houses, to a higher premium of 6.1%. Units on the other hand have shifted to a larger discount of -2.9% in Q2 2023. House sellers can still achieve a final price above the first list price; however, unit buyers can benefit from a higher discount.
House rental yields in Macquarie Park (postcode 2113) was 2.8% in June 2023, on par with Sydney Metro (2.8%). In the 12 months to Q2 2023 median house rental price increased by 25.0% to sit at $875 per week, alongside a -10.4% decrease in the number of houses rented (to 163 rentals). Average days on the market increased slightly, but still low at 25 days. The same pattern can be seen in the unit rental market, confirming an undersupplied rental market in Macquarie Park.
4+ bedroom houses have provided investors with +22.8% rental growth annually, with a median rent of $1,050 per week.
Macquarie Park (postcode 2113) recorded a vacancy rate of 3.4% in June 2023, above Sydney Metro’s 1.7% average. Vacancy rates in Macquarie Park have increased steadily in the past 12 months, due to investors coming back into the market. Although June 2023 vacancy rate is above the Real Estate Institute of Australia’s healthy 3.0% benchmark, it is still below pre-COVID and the three-year average. Overall, this creates a conducive and sustainable environment for investors.
