Caboolture Property Market Update 2nd Half of 2020
In Q3 2020, Caboolture recorded a median house price of $365,000 and a median unit price of $190,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 5.8% for houses and 5.6% for units. Total sales between Q3 2019 – Q3 2020 softened, by -22.4% for houses (to 83 sales) and by -16.0% for units (to 21 sales). This is due to a combination of low stock on the market and COVID-19 restrictions. That said median price growth for both property types amidst COVID-19 shows market resilience. Now is an ideal time for first home buyers to enter the market, as there is currently less competition.
In the 12 months to Q3 2020, average vendor discount has tightened for both property types, to -2.6% (houses) and -3.8% (units). The Caboolture market provides unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Caboolture were recorded at healthy 4.5%. In the 12 months to Q3 2020, median house rental price grew by 1.0% to $340 per week. This is also in conjunction with average days on the market declining by 34.8% (to 15 days). Overall, this represents an extremely resilient rental market amidst COVID-19 conditions.
All bedroom types for houses recoded stable rental annual growth, ensuring investors with security throughout COVID-19.
Also, in September 2020, Caboolture¥ recorded a low vacancy rate of 0.5%, sitting well below that of Brisbane Metro (2.0%) and Moreton Bay LGA (0.8%). Vacancy rates in Caboolture is now at a historical low, well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and continuing a declining trend even amidst COVID-19 conditions. This confirms there is an ongoing healthy rental demand, which benefits investors.