Casino PRD Market Update 1st Half of 2020
In Q4 2019 Casino recorded a median house price of $275,000 and a median unit price of $239,000. This represents annual (Q4 2018 – Q4 2019) median price softening of -7.3% for houses and -22.9% for units. Over the same period, demand slightly increased for houses by 6.0% (to 53 sales), however units declined in sales by -28.6% (to 5 sales). Property prices in Casino are currently more affordable, indicating that now is an ideal time for first home buyers to enter the market.
Average vendor discounting between Q4 2018 and Q4 2019 has tightened for houses to -5.1% and widened for units to -6.8%. The current housing market conditions in Casino have now shifted to favour vendors, where buyers are willing to negotiate closer to the initial listing price. Unit buyers can capitalise on larger discounts.
House rental yields in Casino were recorded at 4.6% in December 2019, well above Lismore (3.9%) and Sydney Metro (2.7%). Over the 12 months to Q4 2019 house rental median price were stable at $330 per week, and unit rental median price grew by 9.1% to $240 per week respectively. This suggests that the rental market is in a healthy position.
2-bedroom houses have provided investors with +5.4% rental growth annually, resulting in a median rent of $293 per week.
Casino recorded a low vacancy rate of 0.4% in December 2019, a lower rate than Lismore (1.4%) and Sydney Metro (3.9%). This further indicates that there is a healthy demand for properties in Casino and should build investor confidence. With lower median property prices, higher rental yield, and lower vacancy rates; Casino is an ideal place for investment.