Caboolture Property Market Update 1st Half of 2022
In Q1 2022, Caboolture recorded a median house price of $561,000, and a median unit price of $331,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 38.5% for houses and 13.0% for units. Total house sales decreased between Q1 2021 – Q1 2022, by -12.8% (to 157 sales), and increased by 29.6% (to 70 sales) for units. Current market conditions indicate an undersupplied house market, as high price growth is accompanied with lower number of sales. First home buyers can enter the unit market, as it is still relatively affordable when compared to Brisbane Metro.
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly swung to a premium for both property types, of 4.5% for houses and 3.8% for units. Market conditions in Caboolture continue to favour vendors, as buyers are willing to offer above the initial listing price. The past 2 quarters (6 months) marks the first time in which both houses, and units command a premium.
House rental yields in Caboolture was recorded at 3.9% in March 2022, above Brisbane Metro (3.3%). This was paired with a 18.9% increase in median house rental price (to $440 per week) and a 14.7% increase in the number of houses rented (to 125 rentals) in the 12 months to Q1 2022. This represents a healthy market in Caboolture, with investors benefitting from a more affordable sales market (compared to Brisbane Metro) and a highly demanded rental market.
4+ bedroom houses have provided investors with +18.4% rental growth annually, achieving a median rent of $450 per week.
Caboolture recorded a vacancy rate of 0.3% in March 2022, which is well below Brisbane Metro’s 0.7% average. Vacancy rates in Caboolture have held steady over the past 12 months, within the 1.0% range for almost 2 years. This indicates stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
