Maryborough Property Update 1st Half of 2020
In Q1 2020, Maryborough recorded a median house price of $230,000. This represents annual (Q1 2019 – Q1 2020) median house price growth of 1.0%. Further, between Q1 2019 – Q1 2020 total house sales increased by 19.4% (to 129 sales). The Maryborough property market continue to show resilience and real capital growth, as an increase in price was not due to an undersupply in housing stock. Maryborough is an ideal market for both first home buyers and investors, as it provides both affordability and capital growth.
Average vendor discounting between Q1 2019 and Q1 2020 has widened to -6.4% for houses. This indicates that there has been a large amount of negotiation activity as buyers are being able to achieve further discounts towards their property transactions.
House rental yields in Maryborough were recorded at a strong 5.8% in December 2019, which is above both Fraser Coast LGA (4.8%) and Brisbane Metro (3.9%). The house rental market is in a strong position, particularly when combined with the increase in median house rental price in the past 12 months to Q1 2020, up by 3.6% to $290 per week.
3 bedroom houses provided investors with +5.5% rental growth annually, achieving a median rent of $290 per week.
Maryborough recorded a vacancy rate of 1.1% in December 2019. Vacancy rates have been declining in the past 12 months, sitting well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Further, Maryborough recorded vacancy rates below Fraser Coast LGA (2.2%) and Brisbane Metro (2.9%). This confirms there is a healthier rental demand in Maryborough, which is good news for investors.