Caboolture Property Market Update 2nd Half of 2023
In Q3 2023, Caboolture recorded a median house price of $600,000, and a median unit price of $325,000. This represents annual (Q3 2022 – Q3 2023) growth of 5.3% for houses and a minor softening of -1.5% for units. Quarterly (Q2 023 – Q3 2023) median house price slightly softened, by -0.8%, and unit price further softened, by-8.5%. Total sales decreased annually and quarterly, with Q3 2023 recording the lowest number of sales. This is reflective of cash rate hikes and low consumer confidence translating into the market. With more affordable options now is the time to buy in Caboolture.
Average vendor discounts between Q3 2022 and Q3 2023 have tightened to a lower discount of -1.2% for houses and swung to a premium of 0.8% for units. Market conditions are currently favouring house buyers as vendors are willing to accept below the initial listing price. However, Q3 2023 recorded the tightest discount to in the past 18 months, thus time is limited.
House rental yields in Caboolture was 4.2% in September 2023, on par with Moreton Bay LGA but higher than Brisbane Metro (3.6%). This was paired with a median house rental price increase of 8.0% in the past 12 months to Q2 2023, to $540 per week, and an 8.7% increase in the number of houses rented (138 houses). The same pattern can be seen in the unit’s market, which suggests an undersupply within the rental market. This is attractive for investors.
4+ bedroom houses have provided investors with +5.8% rental growth annually, achieving a median rent of $550 per week.
Caboolture recorded a vacancy rate of 1.1% in September 2023, slightly higher than Brisbane Metro’s 1.0%. Vacancy rates in Caboolture have steadily increased in the past 12 months, due to investors returning to market and capitalising on a tight rental market. That said a 1.1% vacancy rate is low, indicating quicker rental occupancy. This suggests a conducive environment for investors, especially with a more affordable entry price in the past quarter (Q2 2023 – Q3 2023).
