Maroubra Property Factsheet 1st Half of 2019
Q1 2019 saw Maroubra* record a median house price of
$1,560,000 and a median unit price of $787,500, which represents annual (Q1
2018 – Q1 2019) softening of
-13.3% (house) and -10.9% (unit). When compared to the 2nd Half 2019 Maroubra Research Factsheet, which reported annual (Q3 2017 – Q3 2018) growth of -5.6% (houses) and 1.2% (units), property in Maroubra* has become more affordable.
By comparison, in Q1 2019 the City of Randwick Local Government Area (LGA) recorded median prices of $1,840,000 (houses) and $860,000 (units), representing annual (Q1 2018 – Q1 2019) price changes of -18.7% and -11.6% for houses and units respectively. The median prices for both houses and units in Maroubra* fared better than the wider LGA, suggesting a more resilient market in Maroubra*. Buyers are thus encouraged to consider property in Maroubra* within the Randwick LGA.
Rental properties in Maroubra* recorded median rental prices of $900 per week (house) and $595 per week (unit) in Q1 2019, with the house rental market showing price stability annually (Q1 2018 – Q1 2019) and units slightly softening (-4.5%). Average yields of 2.5% (house) and 4.0% (unit) were largely on-par with the wider LGA as of December 2018, at 2.6% and 3.9% for houses and units respectively. At the same time, a vacancy rate of 3.0% was also on-par with the LGA, and sat well below Sydney Metro (3.6%). This reveals the potential for investment in Maroubra*.
Maroubra* is set to benefit from projects worth approximately $514.3M which are scheduled to commence in the 1st half of 2019. This spending primarily consists of infrastructure (69.7% or $358.7M), and commercial projects (23.6% or $121.4M), with some residential and mixed-use development also ($34.2M or 6.7%).