Morisset Property Market Update 2nd Half of 2021

In Q3 2021, Morisset recorded a median house price of $718,000, and a median unit price of $591,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 30.8% for houses and 35.9% for units. Between Q3 2020 – Q3 2021 total sales picked up, by 21.4% for houses (to 176 sales) and by 60.0% for units (to 8 sales). This represents real returns on capital investment in both house and unit markets, as strong median price growth is alongside increased sales volume. Houses are highly demanded, thus now an ideal time for owners and downsizers to transact in Morisset.

Average vendor discounts between Q3 2020 and Q3 2021 have tightened to -1.1% for houses and have swung to a premium of 4.6% for houses. Morisset market conditions have been shifted toward sellers since the beginning of COVID-19 last year, with buyers needing to either offer close to the first list price (house) or higher (units).

In September 2021, house rental yields in Morisset were recorded at 4.0%. In the 12 months to Q3 2021, the median house rental price increased by 12.8% to reach $485 per week, further complemented by average days on the market declining by -13.0% (to 20 days). Overall, this indicates a strong rental market throughout 2021.

4+ bedroom houses have provided investors with +19.8% rental growth annually, with a median rent of $575 per week.

Also in September 2021, Morisset recorded a vacancy rate of 1.2%, above that of Lake Macquarie LGA (0.4%) but well below Sydney Metro (2.7%). Vacancy rates in Morisset have trended low for the past 6 months and remained below the Real Estate Institute of Australia’s healthy benchmark of 3.0% since the first peak of COVID-19 in May 2020. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Morisset.