Casino Property Market Update 2nd Half 2020
Casino recorded a median house price of $298,000 and a median unit price of $224,000 in Q2 2020. This represents annual (Q2 2019 – Q2 2020) median price growth of 3.1% for houses, and high growth of 12.0% for units. Between Q2 2019 - Q2 2020 sales were stable for house (at 42 sales) but declined for units (to 2 sales). A softening in demand was expected due to COVID-19, however price growth for both property types showed market resilience. Now is an ideal time for first home buyers to enter the market, with less competition and government incentives at hand.
Over the 12 months to Q2 2020, average vendor discounting in Casino has widened to -5.7% for houses and tightened to -4.0% for units. Overall, this indicates that buyers are still benefiting from discounts and negotiating below first list asking prices.
In June 2020, house rental yields in Casino was recorded at 5.2%. In the 12 months to Q2 2020 median house rental price grew by 1.5% to $335 per week and median unit rental price grew by 4.3% at $240 per week. This further indicates Casino is a resilient rental market even throughout COVID-19 conditions.
4+ bedroom houses have provided investors with +15.5% rental growth annually, with a median rent of $410 per week.
Over the June 2020 Quarter, Casino recorded a low vacancy rate of 0.3%, significantly below Lismore (0.8%) and Sydney Metro (3.8%). Vacancy rates in Casino have continued to be on a declining trend since June and December 2019, even amidst COVID-19 conditions. This confirms there is a healthy rental demand and investors can be confident of conducive investment environment in Casino.