Maryborough Property Market Update 2nd Half of 2022
In Q3 2022, Maryborough, which in this report encapsulate: Maryborough, Tinana, Granville, Maryborough West, Oakhurst; recorded a median house price of $364,400. This is an annual (Q3 2021 – Q3 2022) 20.4% median price growth. That said, on a quarter-by-quarter basis (Q2 2022 – Q3 2022), median house price marginally softened by -0.2%. This is a reflection of interest rate hikes translating into the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number (130 sales). Thus, there is still a market undersupply, creating an opportunity for sellers and buyers.
Average vendor discounts between Q3 2021 and Q3 2022 have tightened for both property types, to -0.6% for houses and -1.3% for units. Market conditions in Maryborough offers a unique opportunity, as although sellers are no longer enjoying the premiums achieved for the past 3 quarters, current final sale prices are still relatively close to the first asking price. Buyers can now benefit from a discount, akin to the market 18mths ago.
House rental yields in Maryborough was 5.2% in September 2022, higher than Fraser Coast LGA (4.2%) and Brisbane Metro (3.4%). This was paired with a 26.5% increase median house rental price between Q3 2021-Q3 2022, to $430 per week. During this time the number of houses rented also increased, by 25.8% (to 78 rentals). This suggests a demanded market, which with a more affordable entry price compared to Brisbane Metro provide a beneficial platform for investors.
2 bedroom houses have provided investors with +20.7% rental growth annually, achieving a median rent of $350 per week.
Maryborough recorded a vacancy rate of 0.2% in September 2022, below Brisbane Metro’s 0.7% average. Vacancy rates in Maryborough held steady within the 0.5% range in the past 24 months, indicating stability in rental demand. This reflects a conducive and sustainable environment for investors, as low vacancy rates suggest quick occupancy. The recent marginal quarter-by-quarter median price downturn (-0.2% between Q2 2022-Q3 2022) creates an opportunity for investors.
