Caboolture Property Market Update 1st Half of 2024
In Q1 2024, Caboolture recorded a median house price of $665,000 and a median unit price of $405,000. This represents annual (Q1 2023 – Q1 2024) price growth of 16.2% for houses and 12.5% for units. During this time sales decreased by -31.6% for houses and by -55.4% for units. On a quarterly basis (Q4 2023 – Q1 2024), prices grew by 2.3% for houses but softened by -11.0% for units. There is an undersupply of stock, creating a buffer against higher interest rates; especially for houses. This is good news for owners looking to sell. There is a slightly more affordable unit market in the past quarter, thus an opportunity for first home buyers.
Average vendor discounts between Q1 2023 and Q1 2024 have swung from discounts to premiums, of 1.0% for houses and 2.9% for units. Compared to a year ago the Caboolture market have now shifted to favour sellers, as buyers must offer above the first list price. This is mainly due to a stock undersupply, thus now an ideal time for sellers to transact.
House rental yields in Caboolture was 4.1% as of March 2024, higher than the Moreton Bay LGA (3.8%) and Brisbane Metro (3.5%). This was paired with a 12.0% increase in median house rental price in the past 12 months to Q1 2024, at $560 per week. The number of houses rented declined by -15.2% (to 112 sales), thus a rental undersupply. The same can be seen in the unit rental market. With a more affordable entry price than the Moreton Bay LGA and Brisbane Metro, Caboolture is an ideal investment alternative for investors.
2- bedroom houses have provided investors with +11.8% rental growth annually, achieving a median rent of $380 per week.
Caboolture recorded a vacancy rate of 0.8% in March 2024, on par with the Moreton Bay LGA average, and slightly below Brisbane Metro’s 1.0% average. Vacancy rates in Caboolture decreased in the past 6 months, suggesting a tighter rental market. Further, a 0.8% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental properties. This is conducive for investors.
