Carina-Carindale Property Market Update 1st Half of 2020
In Q1 2020, Carina/Carindale recorded a median house price of $820,000, and median unit price of $472,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 5.8% for houses and slight resilience of 0.4% for units. Between Q1 2019 – Q1 2020 total sales declined for houses, by -39.1% to 39 sales, however demand picked up for units by 37.2% to 59 sales. The property market in Carina/Carindale is showing signs of resilience, through the increase in unit demand and median price growth for both property types.
Average vendor discounting between Q1 2019 and Q1 2020 has swung to a premium of 1.4% (houses) and 4.6% for units. Market conditions in Carina/Carindale have shifted to favouring vendors, where buyers need to offer closer to the listing price. This is clear evidence of a healthy market, due to an increase in median prices.
House rental yields in Carina/Carindale were recorded at 3.5% in December 2019. This suggests that the house rental market is at a healthy position, particularly when combined with the 5.7% increase in rental median price to $560 per week in the 12 months to Q1 2020.
4+ bedroom houses provided investors with +1.6% rental growth annually, achieving a median rent of $640 per week.
Over the past 12 months to December 2019, Carina/Carindale recorded a vacancy rate of 1.8%, significantly dropping from 2.4% in December 2018. Vacancy rates in Carina/Carindale have continued to record a declining trend over past 24 months, which indicates an increasingly healthier rental market. This is good news for investors as their properties are being occupied quicker.