Morisset Property Market Update 2nd Half of 2019

In Q3 2019, Morisset recorded a median house price of $550,000, and a median unit price of $375,000. This represents annual (Q3 2018 – Q3 2019) median price growth of 2.8% for houses and a price softening of -8.8% for units. At the same time, total sales in both markets slowed for Q3 2019, down by -4.0% for houses to 96 sales and by -71.4% for units to 2 sales. With less competition in the market now is the time for buyers to act.

Average vendor discount between Q3 2018 and Q3 2019 have tightened to -5.3% for houses and widened to -9.1% for units. Market conditions in Morisset continue to favour buyers, where sellers are willing to negotiate below their initial listing price. This indicate that current conditions present a good opportunity for buyers to enter the market.

Over the past 12 months, house rental yields in Morisset increased slightly to reach 3.8% in June 2019. This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in Morisset across the same time period (up by 3.5% in the 12 months to Q3 2019).

3 bedroom houses have provided investors with +2.6% rental growth annually, achieving a median rent of $390 per week.

Morisset recorded a vacancy rate of 3.9% in June 2019, which represents an increasing trend. This increase suggests that investors should aim to secure longer-term leases, for increased security in rental returns.