Casino Property Market Update 2nd Half of 2019

In Q2 2019, Casino recorded a median house price of $289,000 (39 sales), and a median unit price of $200,000 (28 sales). This represents annual (Q2 2018 – Q2 2019) median price softening of -6.8% for houses and -3.4% for units. During the same time sales transaction slowed down, by -37.1% for houses and -25.0% for units. The Casino property market has become more affordable, providing an opportunity for first home buyers to enter the market.

Average vendor discounts between Q2 2018 and Q2 2019 have tightened for houses, to -3.6%, and widened for units, to -7.8%. The property market conditions in Casino have remained in favour of buyers, where sellers are willing to negotiate below their initial listing price. House sellers are achieving final sale prices closer their first asking price. 

Over the 12 months to Q2 2019, rental demand softened by -2.4% for house and -31.8% for units. House median rental price softened by -3.1% to $310 per week, however unit median rental price strengthened by 3.4% to $230 per week. This suggests there is room for more unit investment, as an increase in rental price was driven by an undersupply in stock.

2-bedroom houses provided investors with the highest rental growth annually. As of June 2019, house rental yield in Casino was recorded at 4.8%. This outperforms both Lismore and Sydney Metro.

Casino recorded a vacancy rate of 1.0% in June 2019, representing a declining trend over the past 6 months. This is on par with Lismore but well below Sydney Metro (3.5%). This confirms a healthy rental demand for properties in Casino.