Maroubra Property Market Update 1st Half of 2022
In Q1 2022, Maroubra recorded a median house price of $2,500,000, and a median unit price of $950,500. This represents annual (Q1 2021 – Q1 2022) median price growth of 16.0% for houses and 8.6% for units. Between Q1 2021 – Q1 2022 total sales slowed, by -21.6% for houses (to 116 sales) and by -16.9% for units (to 172 sales). The market is undersupplied, as price growth is alongside lower sales, particularly in the house market. Now is the time for owner-occupiers and downsizers to capitalise on their investments, and for developers offering ready-to-sell stock to enter the market.
Average vendor discount for units have swung to a premium of 0.2% between Q1 2021 and Q1 2022, thus buyers must offer higher than the first list price. This is true for houses as well, with a premium of 0.6% in Q1 2022, however this is the lowest premium recorded in the past 12 months, creating an opportunity for buyers.
In March 2022 house rental yields in Maroubra were recorded at 2.4%. This is on par with Randwick LGA (2.2%) and Sydney Metro (2.3%). In the 12 months to Q1 2022 median house rental price increased significantly, by 15.8% to reach $1,100 per week, while average days on the market declined by -9.1% (to 20 days). Overall, this represents a resilient rental market throughout COVID-19, with an increasing demand in the past 12 months.
2 bedroom houses have provided investors with +14.2% rental growth annually, with a median rent of $685per week.
Also in March 2022, Maroubra recorded a vacancy rate of 1.3%, below that of Randwick LGA (1.4%) as well as Sydney Metro (1.6%). Vacancy rates in Maroubra¥ currently represent 3 years historical low, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and under 2.0% in the past 6 months. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Maroubra.
