Caboolture Property Market Update 2nd Half of 2022
In Q3 2022, Caboolture recorded a median house price of $565,000, and a median unit price of $267,500. This represents annual (Q3 2021 – Q3 2022) median price growth of 21.5% for houses and 13.8% for units. That said, on a quarter-by-quarter basis (Q2 2022 – Q3 2022), median house price marginally softened by -2.6%, with unit price decreased by -20.1%. 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 (112 house, 29 unit sales). This creates a unique opportunity for sellers and buyers.
Average vendor discounts between Q3 2021 and Q3 2022 have rapidly shifted for both property types, to discounts of -1.8% for houses and 0.0% for units. Market conditions in Caboolture have now shifted to favour buyers, as vendors are willing to offer below or closer to the initial listing price. Now is the time to buy.
Caboolture house rental yield was 4.3% in September 2022, higher than Moreton Bay LGA (3.9%) and Brisbane Metro area (3.6%). This was paired with a 25.0% increase in median house rental price between Q3 2021 – Q3 2022, and during the same time frame a 33.3% increase in the number of houses rented. Average days to let remain at a low 17 days, which confirms a highly demanded rental market.
3 bedroom houses have provided investors with +21.1% rental growth annually, achieving a median rent of $430 per week.
Caboolture recorded a vacancy rate of 0.4% in September 2022, which is below Brisbane Metro’s 0.6% average. Vacancy rates in Caboolture have held steady over the past 12 months, trending within 0.5%. This suggest stability in rental demand and quick occupancy, which is beneficial for investors. The current market downturn further emphasises an opportunity for investors to enter the market, especially as Caboolture records a more affordable entry price compared to Brisbane Metro.
