Maroubra Property Market Update 2nd Half of 2020
In Q3 2020, Maroubra recorded a median house price of $1,915,000, and a median unit price of $875,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 10.1% for houses and of 5.4% for units. Between Q3 2018 – Q3 2020 total sales slowed, down by -1.0% for houses (to 97 sales) and by -39.2% for units (to 113 sales), potentially due to low stock in the market. That said median price growth suggest real capital growth in the area, in contrast to general COVID-19 predictions. This indicates high market resilience in Maroubra, thus now is the time to transact.
Average vendor discounts between Q3 2019 and Q3 2020 have swung to a discount of -0.2% for houses, while units have tightened to -0.7%. Market conditions have now shifted slightly to favour buyers for houses, as sellers are willing to negotiate slightly below their initial listing prices. Now is the time to enter the market.
In September 2020, house rental yields in Maroubra were recorded at 2.0%. In the 12 months to Q3 2020, the median house rental price softened slightly to move to $850 per week, however average days on the market declined by -3.5% (to 25 days). This suggests that there continues to be an underlying rental demand, despite COVID-19 conditions.
4+ bedroom houses have provided the most resilient rental returns annually, with a median rent of $1,165 per week.
Also in September 2020, Maroubra recorded a vacancy rate of 3.2%, well below that of Randwick LGA (4.4%) and also below Sydney Metro (3.5%). Vacancy rates in Maroubra sit slightly above the Real Estate Institute of Australia’s healthy benchmark of 3.0%, however remain fairly close. This suggests there is still a relatively healthy level of rental demand, in good news for investors within Maroubra.