Morisset Property Market Update 1st Half of 2022
In Q1 2022, Morisset recorded a median house price of $825,000, and a median unit price of $560,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 32.1% for houses and 19.1% for units. House sales slowed between Q1 2021 – Q1 2022, by -25.7% (to 139 sales) and increased by 16.7% for units (to 7 sales). Unit owner occupiers can benefit from real returns on capital investment, as median price growth is aside higher sales figures. The house market is undersupplied, as median price growth is aside lower sale figures. Now is prime opportunity for developers to enter the market
The average days to sell a house in Morisset has declined by -20.8% in the 12 months to Q1 2022, to 42 days. This suggests house demand is on the rise, with less stock available. Contrastingly average days to sell a unit increased by 66.7% in the 12 months to Q1 2022, to 65 days. This is potentially due to more stock being available, compared to houses.
The suburb of Morisset has historically offered a more affordable option to Lake Macquarie Local Government Area (LGA), in house and unit median prices. Median prices in 2022 is trending towards an on-par price level with the LGA, establishing a premium market.
4+ bedroom houses have provided investors with +22.4% rental growth annually, achieving a median rent of $600 per week.
Morisset recorded a vacancy rate of 1.2% in March 2022, which is slightly below Sydney Metro’s 1.6% average. Vacancy rates in Morisset have rapidly decreased in the past 12 months, indicating an increase in its rental demand. Although there is a slight uptick in the past 3 months vacancy rates in Morisset remain within the Real Estate Institute Australia’s healthy benchmark of 3.0%. These key indicators create a conductive and high yielding environment for investors, even with median property sale prices increasing in the past 12 months.
