Maryborough Property Market Update 1st Half of 2023
In Q1 2023, Maryborough (which in this report encapsulate: Maryborough, Tinana, Granville, Maryborough West, Oakhurst); recorded a median house price of $355,375. This represents an annual (Q1 2022 – Q1 2023) growth of 1.8% and a quarterly (Q4 2022 – Q1 2023) softening of -4.0%. This suggests interest rate hikes and lower consumer confidence have translated into the market. Total house sales decreased annually and quarterly, with Q1 2023 recording the lowest number (125 sales). Thus, there is still an undersupply of houses. With a more affordable market, new opportunities for buyers exist.
Average vendor discounts between Q1 2022 – Q1 2023 have rapidly swung to a discount for houses, of -3.3%. A discount has been observed for the past 3 quarters, confirming a change in market conditions. Sellers are now willing to accept below the initial listing price, thus an opportunity for first home buyers.
House rental yields in Maryborough was 5.1% in March 2023, much higher than Brisbane Metro (3.7%). This was paired with a 15.4% increase in median house rental price in the past 12 months to Q1 2023 (to $450 per week) and a 3.2% increase in the number of houses rented (to 64 houses). Average days on the market remained at a low 18 days in Q1 2023. Overall, this confirms a resilient rental market in Maryborough, with a more affordable entry price than Brisbane Metro.
3-bedroom houses have provided investors with +20.0% rental growth annually, achieving a median rent of $470 per week.
Maryborough recorded a vacancy rate of 0.5% in March 2022, which is below Fraser Coast LGA and Brisbane Metro’s 0.9% average. Vacancy rates in Maryborough saw slight increasing trend in the past 12 months, potentially due to investors capitalising on a tight rental market. Yet it is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Thus, a conductive investment environment, especially with a more affordable house price in the past quarter.
