Macquarie Park Property Market Update 2nd Half of 2020
In Q2 2020, Macquarie Park recorded a median house price of $1,610,000, and a median unit price of $836,000. This represents annual (Q2 2019 – Q2 2020) median price growth of 11.8% for houses and 19.5% for units. Between Q2 2019 - Q2 2020 total sales slowed, by -24.6% for houses (to 86 sales) and by -62.7% for units (to 106 sales). Lower sale numbers are expected amidst COVID-19, but double-digit price growth suggest a highly resilient market. With healthy price growth and limited competition in the market, now is the time to sell in Macquarie Park.
Average vendor discounts between Q2 2019 and Q2 2020 have swung to a premium of 2.2% for houses and tightened to -2.4% for units. House market conditions in Macquarie Park have now shifted to favour vendors, as buyers are willing to offer above initial listing prices. Now is the time to transact in the market.
Over the past 12 months, house rental yields in Macquarie Park tightened to sit at 2.5% in June 2020, slightly above Sydney Metro’s 2.4%. This suggests the house rental market is in a relatively healthy position, as does the -10.2% reduction in the average days to let a house, to 32 days in the 12 months to Q2 2020.
4+ bedroom houses have provided investors with +3.1% rental growth annually, achieving a median rent of $820 per week.
Macquarie Park recorded a vacancy rate of 9.6% in June 2020, an improvement from December 2019 figure (13.9%). A declining trend in vacancy rates is against general predictions amidst COVID-19 conditions, indicating a healthier rental remand. That said it is above the Sydney Metro average (3.8%), thus landlords may seek for longer term tenants to ensure a more secure cashflow.