Maroubra Property Market Update 1st Half of 2020
In Q1 2020, Maroubra recorded a median house price of $1,900,000, and a median unit price of $890,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 8.3% for houses and 7.2% for units. Between Q1 2019 – Q1 2020 total sales in the house markets remained steady with 68 sales, whilst units saw an increase of 13.0% (to 113 sales). With the market showing positive indicators, and real capital growth in both house and unit markets, now presents a great time to both buy and sell in Maroubra.
Average vendor discounts between Q1 2019 and Q1 2020 have remained relatively stable for houses, at a premium of 1.0%. It has tightened for units, to -0.2%. The property market conditions in Maroubra continue to favour vendors, as buyers are willing to offer above the initial listing price for houses and closer to the first list price for units. Now is the time to sell.
Over the past 12 months, house rental yields in Maroubra increased slightly to reach 2.7% in December 2019, which is on-par with Sydney Metro’s average at the same time. This suggests the house rental market is in a healthy position, and despite an increase in median price over the past 12 months to Q1 2020 still puts Maroubra as an ideal place to invest.
2 bedroom houses have provided investors with +3.1% rental growth annually, achieving a median rent of $670 per week.
Maroubra recorded a vacancy rate of 3.0% in December 2019, which represents a stable trend over the past 12 months. Further Maroubra’s vacancy rate is on par with the Real Estate Institute of Australia’s healthy benchmark of 3.0%, and well below the Sydney Metro average of 3.6% for the same period. This confirms there is a steady and healthy rental demand for properties in Maroubra, which is good news for investors.