Casino Property Market Update 2nd Half of 2022
In Q2 2022, Casino recorded a median house price of $443,000, and a median unit price of $268,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 18.3% for houses and 11.1% for units. Between Q2 2021 – Q2 2022 total house sales decreased by -3.4%, to 56 sales. Unit sales has notably increased during this time, from 6 sales to 16 sales. The Casino house market is undersupplied, as price growth is alongside lower sales volume. Many buyers have opted for units due to low house stock, which has pushed up prices. Now is an ideal time for owners and downsizers to capitalise on their investments.
Average vendor discounts shift between Q2 2021 and Q2 2022 suggest a two-speed market in Casino. The house market has shifted to favour buyers, as average vendor discount widened from -1.8% to -3.2% in Q2 2022. The unit market has shifted towards vendors, as average vendor discount tightened from -1.7% to -0.2%. This creates an opportunity for both buyers and sellers, depending on the property type transacted.
House rental yields in Casino was 5.2% in June 2022. This was paired with a 20.6% median house rental price increase in the 12 months to Q2 2022, and a -53.7% decline in the number of houses rented. This suggests an undersupplied house rental market, further confirmed by a stable and low average days on market of 18 days.
4+ bedroom houses have provided investors with +19.0% rental growth annually, with a median rent of $500 per week.
Casino recorded a vacancy rate of 0.1% in June 2022, well below Lismore (0.5%) and Sydney Metro’s 1.6% average. Vacancy rates in Casino have decreased over the past 24 months, indicating an increase in its rental demand. It has remained within the 1.0% mark for the past 20 months, indicating stability for rental income cash flow. Combined, these key indicators suggest a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
