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Lake Macquarie Property Market Update 1st Half of 2022

In Q1 2022, Lake Macquarie recorded a median house price of $991,000, and a median unit price of $607,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 27.9% for houses and 6.5% for units. Total sales decreased between Q1 2021 – Q1 2022, by -30.2% (to 173 sales) for houses and by -44.4% (to 40 sales) for units. Confidence has returned to Lake Macquarie, with properties in high demand. Houses suggest real returns on investment, with the market heavily undersupplied and double-digit price growth. Now is an ideal time for owners and down-sizers to transact.

Average vendor discounts between Q1 2021 and Q1 2022 have swung to a premium of 2.6% for houses and tightened to -1.6% for units. Market conditions in Lake Macquarie continue to favour house vendors, as buyers need to offer above the initial listing price. Unit buyers can again benefit from a discount, after average vendor discount briefly swung to a premium in Q4 2021.

Over the past 12 months, house rental yields in Lake Macquarie have slightly softened to sit at 3.0% in March 2022. This is an expected dynamic shift in the market, as median house sale price grew by 27.9% while median house rental price grew by 22.6% in the same time frame. That said the number of properties rented increased by 11.6% (to 135 rentals) in the 12 months to Q1 2022, fetching $650 per week and average days on market remaining a low 16 days.

4+ bedroom houses have provided investors with +16.1% rental growth annually, achieving a median rent of $650 per week.

Lake Macquarie recorded a vacancy rate of 0.7% in March 2022, which is well below Sydney Metro’s 1.6% average. Vacancy rates in Lake Macquarie have held steady over the past 12 months, indicating stability in rental demand. Through COVID-19 Lake Macquarie vacancy rates only spiked to 1.7%, below Sydney Metro (4.0%) and comparable to pre-COVID-19 vacancy rates in April/May 2019. These indicators suggest a conducive and sustainable environment for investors.

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