Caboolture Property Market Update 1st Half of 2020
In Q1 2020, Caboolture recorded a median house price of $346,000, and median unit price of $201,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 0.3% for houses and 0.5% for units. Between Q1 2019 – Q1 2020 total sales declined for houses, by -8.8% (to 93 sales), however increased for units, by 25.0% (to 25 sales). The Caboolture property market is showing signs of resilience through capital growth and increase in demand. Now is a great opportunity to transact in the Caboolture property market.
Average vendor discounting between Q1 2019 and Q1 2020 has tightened to -2.2% (houses) and -4.4% (units). Market conditions in Caboolture have slightly shifted to favouring vendors, where buyers need to offer closer to first listing price. There are signs of market recovery, with an increase in demand. However, buyers can still capitalise on a discount.
House rental yields in Caboolture were recorded at a heathy 4.3% in December 2019, which is above Moreton Bay LGA (4.2%) and Brisbane Metro (3.9%). The house rental market is at a strong healthy position, particularly when combined with the increased house median rental price over the past 12 months to Q1 2020, up by 4.5% to $350 per week.
2 bedroom houses provided investors with +3.8% rental growth annually, achieving a median rent of $275 per week.Caboolture recorded a vacancy rate of 2.1% in December 2019. Despite an increase in vacancy rates over the past 12 months, the vacancy rate in Caboolture remains below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Furthermore, Caboolture recorded vacancy rates below Moreton Bay LGA (2.2%) and Brisbane Metro (2.9%). This confirms there is a healthy rental demand in Caboolture, which is good news for investors.