Morisset Property Market Update 1st Half of 2020
In Q1 2020, Morisset (postcodes 2264 and 2265) recorded a median house price of $542,000 and a median unit price of $347,500. This is an annual (Q1 2019 – Q1 2020) median price softening of -3.2% for houses and of -35.0% for units. Note that only 4 units were sold in Q1 2020, resulting in volatile annual price growth. Between Q1 2019 – Q1 2020 total house sales slowed by -3.7% to 79 sales. With more affordable median sale prices and less competition in the market, now is an ideal time to enter the Morisset market.
The average days to sell a house in Morisset has declined in the 12 months to Q1 2020, to 85 days. This suggests buyer demand is on the rise as homes are selling more quickly. Units saw an increase in average days to sell, to 142 days. However, this was based on a very limited number of unit sales.
Over the past 12 months, house rental yields in Morisset increased slightly to 3.6% in December 2019. This suggests the house rental market is in a relatively healthy position, despite a slight softening in demand for rental properties in Morisset across the same time period (down by -16.8% in the 12 months to Q1 2020, with house 124 rentals).
3 bedroom houses have provided investors with +1.3% rental growth annually, achieving a median rent of $385 per week.
Morisset recorded a vacancy rate of 3.6% in December 2019, on-par with Sydney Metro’s 3.6% average. Although the vacancy rate in Morisset has shown a declining trend over the past 6 months, it is still above the Real Estate Institute of Australia’s healthy benchmark of 3.0%. There has been improved rental demand in the area, however investors may wish to secure tenants on longer-term leases for increased cashflow security.