PRD Maryborough Property Market Update 2nd Half of 2020
In Q3 2020, Maryborough recorded a median house price of $230,000, which represents a median price growth of 3.4% over the past 12 months (Q3 2019 – Q3 2020). During the same period, total sales slightly softened by -1.7%, recording 118 sales. This could be due to a combination of low stock and/or COVID-19 restrictions. That said median price growth amidst COVID-19 shows the resilience within regional markets, as well as potentially with an undersupply in the near future. Now is an ideal time to sell in Maryborough, particularly as there is a shortage in near future residential developments.
In the 12 months to Q3 2020, average vendor discount has tightened to -5.5% for houses, providing unique opportunities. House sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Maryborough were recorded at a healthy 5.3%. In the 12 months to Q3 2020, median house rental price grew by 1.0% to $292 per week. This is also in conjunction with average days on the market declining by 39.1% (to 14 days). Overall, this represents an extremely resilient rental market amidst COVID-19 conditions.
2 bedroom houses have provided investors with +1.9% rental growth annually, with a median rent of $265 per week.
Also, in September 2020, Maryborough recorded a significantly low vacancy rate of 0.2%. This is well below Brisbane Metro vacancy rates (2.0%). Vacancy rates in Maryborough¥ are now at a three-year historical low level, well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and continuing a declining trend even amidst COVID-19 conditions. There is an ongoing healthy rental demand towards regional areas, which will significantly benefit investors.