Morisset Property Market Update 1st Half of 2021

In Q1 2021, Morisset recorded a median house price of $628,000, and a median unit price of $400,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 10.8% for houses and 8.1% for units. Between Q1 2020 – Q1 2021 total house sales increased, by 37.0% (to 126 sales), and units remained steady with 6 sales. Median price growth alongside increased sales suggests there is real returns on capital investment in Morisset. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

The average days to sell a house in Morisset has declined by -38.0% in the 12 months to Q1 2021, to 49 days. This suggests buyer demand is on the rise as properties are selling more quickly. A similarly sharp drop was also recorded for units, which moved down to an average of just 39 days for the same period.

In March 2021, house rental yields in Morisset were recorded at 3.6%. In the 12 months to Q1 2021, the median house rental price increased by 2.4% to reach $430 per week, while average days on the market declined by -39.6% (to 19 days). Overall this suggests Morisset has remained a strong resilient rental market throughout COVID-19.

4+ bedroom houses have provided investors with +6.5% rental growth annually, achieving a median rent of $490 per week.

Also in March 2021, Morisset recorded a very low vacancy rate of 1.0%, above Lake Macquarie LGA (0.5%) but well below Sydney Metro (2.4%). Vacancy rates in Morisset have recorded a declining trend since April 2020, whilst also remaining below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is an ongoing healthy level of rental demand, creating a conducive investment environment in Morisset.