Maroubra Property Market Update 2nd Half of 2022
In Q3 2022, Maroubra recorded a median house price of $1,228,000. This is an annual (Q3 2021 – Q3 2022) -13.8% softening of median price. Further, on a quarter-to-quarter basis (Q2 2022 – Q3 2022), median house price softened by -9.0%. This reflects interest rate hikes and a lower consumer confidence translating in the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number (84 sales). Units recorded a -9.9% median price softening and -5.9% quarterly, whilst recording a lower number of sales. Current market conditions have created new opportunities for buyers.
Average vendor discounts between Q3 2021 and Q3 2022 have trended to a lower premium of 1.4%, which provide a unique opportunity. Sellers can still achieve a final price above the first list price; however, buyers can benefit from a lower premium. Units on the other hand have swung to a discount, at -1.6% in Q3 2022. This creates new opportunities for unit buyers, as now they can benefit from a lower final sale price.
House rental yields in Maroubra were recorded at 2.0% in September 2022, slightly below Sydney Metro (2.6%). This was paired with a 25.3% increase in median house rental price in the past 12 months to Q3 2022, and a 8.2% (to 119 rentals) increase in the number of houses rented. Average days on the market declined by -12.5%, to a low 21 days – the lowest recorded in the past 18 months. This confirms there is a healthy level of rental demand in Maroubra.
2-bedroom houses have provided investors with +14.7% rental growth annually, achieving a median rent of $780 per week.
Maroubra recorded a vacancy rate of 0.7% in September 2022, which is below Sydney Metro’s 1.3% average. Vacancy rates in Maroubra have been on a declining trend for the past 12 months, with the past 3 months recording historical low rates. This indicated a shift to a landlord’s market and quicker occupancy of rental properties. These indicators create a conducive and sustainable environment for investors, especially with the current downturn in property prices.
