Maidstone Property Market Update 1st Half of 2020
In Q1 2020, Maidstone recorded a median house price of $714,000, and median unit price of $635,000. This represents annual (Q1 2019 – Q1 2020) median price softening of -4.8% for houses and a growth of 30.8% for units. Between Q1 2019 – Q1 2020 total sales increased by 38.5% for houses (to 18 sales) and by 43.8% for units (to 23 sales). The Maidstone property market is resilient, evident through the increase in demand for both property types. Maidstone is a great place to invest in and benefit from future capital gains.
Average vendor discounting between Q1 2019 and Q1 2020 has swung to a premium of 2.2% (houses) and 0.6% (units). Market conditions in Maidstone have shifted to favouring vendors, where buyers need to offer closer to first listing price. There are signs of market recovery, with the inclusion of increase in demand.
House rental yields in Maidstone were recorded at 3.1% in December 2019, which is above Melbourne Metro rental yield of 2.8%. The house rental market is at a strong healthy position, particularly when combined with the increased rental demand over the past 12 months to Q1 2020, by 4.5%.
2 bedroom houses provided investors with +1.3% rental growth annually, achieving a median rent of $385 per week.
Maidstone recorded a healthy vacancy rate of 1.7% in December 2019. This represents a declining trend over the past 12 months and continue to remain below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Further, Maidstone recorded vacancy rates below Maribyrnong LGA (2.1%) and Melbourne Metro (2.5%). This confirms there is a healthier rental demand in Maidstone, which is good news for investors.