Maroubra Property Market Update 2nd Half of 2019
In Q3 2019, Maroubra* recorded a median house price of $1,670,000, and a median unit price of $817,750. This represents annual (Q3 2018 – Q3 2019) median price softening of -8.1% for houses and -6.8% for units. At the same time total house sales improved by 2.5% to 81 sales, whilst unit sales remained unchanged at 138 sales. Increased buyer activity suggests confidence is returning to Maroubra*, which should lift price growth in the near future.
Average vendor discount between Q3 2018 and Q3 2019 have swung to a 1.2% premium for houses and tightened to -1.5% for units. Market conditions in Maroubra* have now shifted to favour house owners, where sellers are achieving sales above their initial listing price. This makes now an ideal time to sell houses in Maroubra*.
Over the past 12 months, house rental yields in Maroubra* increased slightly to reach 2.9% in June 2019, a rate on-par with Sydney Metro’s 2.9%. This suggests the house rental market is in a relatively healthy position, as does the increased demand for rental properties in Maroubra* across the same time period (up by 24.0% in the 12 months to Q3 2019).
2 and 3 bedroom houses provided investors with stable returns annually, with median rents of $670 and $850 per week.
Maroubra* recorded a vacancy rate of 2.9% in June 2019, which is signifies a slight decline over the past 6 months. This is notably lower than Sydney Metro’s 3.5%, confirming there is a healthier rental demand in Maroubra*.