Casino Property Market Update 2nd Half of 2023
In Q2 2023, Casino recorded a median house price of $417,750. This is an annual (Q2 2022 – Q2 2023) -6.1% median price softening. That said, on a quarterly basis (Q1 2023 – Q2 2023), median house price grew by 1.9%. Cash rate hikes did impact the market; however, confidence has returned, and some market recovery is evident. Total house sales declined annually, yet saw an increase quarterly, with Q1 2023 recording 49 sales. Casino recorded a median unit price of $330,000, a softening of -5.7% on a quarterly basis. This suggests those looking for affordable options need to act quickly.
Average vendor discounts between Q2 2022 and Q2 2023 have rapidly shifted to a wider discount of 5.2% for houses and 4.8% for units. Market conditions in Casino* have shifted to favour buyers, as vendors are willing to accept below the first list price. That said, the Q2 2023 average vendor discount is similar to Q1 2023, suggesting the market is stabilising. There is a limited time for buyers seeing the most affordable option. The suburb of Casino has historically offered a more affordable market than the wider Richmond Valley Local Government Area (LGA), especially for unit median prices. 2023 saw a return to parity for Casino suburb houses, trending relative to LGA prices.
House rental yield in Casino were 3.3% in June 2023, higher than Sydney Metro (2.8%). Casino saw a relatively stable median house rental price, sitting at $470 per week in Q2 2023; however there was a significant increase in the number of properties rented (47 houses). Median unit rental price increased by 4.3% in the past 12 months to Q2 2023, and similar to the house market Q2 2023 saw the highest number rented (11 units). This suggest a highly demanded rental market.
1 bedroom units have provided investors with +22.2% rental growth annually, achieving a median rent of $275 per week. Casino recorded a vacancy rate of 0.6% in June 2023, which is below Sydney Metro’s 1.7% average. Vacancy rates in Casino have fluctuated in the past 12 months, however overall increasing in trend. This could be due to investors taking an advantage of the tight rental market. That said 0.6% is still incredibly low, thus creating a conducive and sustainable environment for investors, even if property price sales are starting to recover in the past quarter (Q1 2023 Q2 2023).
