Morisset Property Market Update 2nd Half of 2022
In Q3 2022, Morisset recorded a median house price of $846,000. This is an annual (Q3 2021 – Q3 2022) 19.0% median price growth. That said, on a quarter-to-quarter basis (Q2 2022 – Q3 2022), median house price softened by -2.8%. This is a reflection of interest rate hikes translating into the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number of sales (97 sales). Median unit price softened by -21.4% annually, while on a quarter-to-quarter basis grew by 1.9%. New opportunities exist for buyers and sellers in both markets.
Average vendor discounts between Q3 2021 and Q3 2022 have rapidly shifted for both property types, to a wider discount of -4.9% for houses and -2.5% for units. Market conditions in Morisset have now shifted to favour buyers, as vendors are willing to offer below the initial listing price. This creates new opportunities for buyers.
House rental yields in Morisset were recorded at 3.9% in September 2022, well above Sydney Metro (2.6%). This was paired with a 9.1% increase in median house rental price in the past 12 months to Q3 2022, and a 26.1% (to 111 rentals) increase in the number of houses rented. Average days on the market remained low at 26 days. This confirms there is a healthy level of rental demand in Morisset, thus a more attractive and affordable investment option compared to Sydney.
2-bedroom houses have provided investors with +13.5% rental growth annually, achieving a median rent of $420 per week.
Morisset recorded a vacancy rate of 1.2% in September 2022, which is slightly below Sydney Metro’s 1.3% average. Vacancy rates in Morisset have slightly fluctuated in the past 13 months. Although there was a slight uptick in the past 6 months vacancy rates in Morisset¥ have declined again and remain within the Real Estate Institute Australia’s healthy benchmark of 3.0%. These key indicators create a conducive and high yielding environment for investors.
