Cooranbong Property Market Update 1st Half 2023
In Q1 2023, Cooranbong (Postcode 2265) recorded a median house price of $785,000. This is an annual (Q1 2022 – Q1 2023) -8.1% price softening. On a quarterly basis (Q4 2022 – Q1 2023), median price softened by -7.6%. House sales increased annually and quarterly, with sales increasing 14.3% over the 12 months to Q1 2023. The market suggests cash rate hikes have translated into the market, as although stock is available prices has softened. Median land price softened by -4.8% annually, while quarterly it grew 4.6% to $475,000. At present buyers can benefit from a more affordable house market.
Average house vendor discounts between Q1 2022 and Q1 2023 have widened to a higher discount, of -4.8% (from -2.8%). This suggests a move towards a buyer’s market. That said average vendor discount for houses have slightly stabilised in the past quarter to Q1 2023. Thus, house sellers can be more confident of market conditions and time is of the essence for buyers.
House rental yields in Cooranbong were recorded at 4.1% in March 2023, significantly above Sydney Metro (2.9%). This was paired with a 22.4% increase in median house rental price in the past 12 months to Q1 2023, and a significant increase in the number houses rented. Average days on the market remained low at 25 days. This confirms there is a healthy level of rental demand in Cooranbong, thus a more attractive and affordable investment option compared to Sydney Metro.
2-bedroom houses have provided investors with +13.5% rental growth annually, with a median rent of $440 per week.
Cooranbong recorded a vacancy rate of 2.0% in March 2023, which is above Sydney Metro’s 1.3% average. Vacancy rates in Cooranbong have fluctuated in the past 18 months. Although there was an uptick in the past 9 months, due to investors capitalising on a tight rental market, vacancy rates in Cooranbong have declined in early 2023. Further, it is still within the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests a conducive environment for investors.
