Caboolture 2H Property Market Update 2nd Half 2024
Caboolture offers affordable living with easy access to the Sunshine Coast and Brisbane via train. It’s a family-friendly suburb with plenty of parks, schools, and recreational activities.
Property Trends
In Q3 2024, Caboolture recorded a median house price of $705,000 and a median unit price of $537,500. This represents annual (Q3 2023 – Q3 2024) median price growth of 12.8% for houses and 13.9% for units. This confirms that now is an ideal time for owners to capitalise on their investments. Comparing Q3 2023 and Q3 2024, total sales decreased by -30.9% for houses (to 105 sales) and -46.3% for units (to 36 sales). This highlights a clear undersupply for both property types, which provides a buffer against current cash rate hikes. With no stand-alone houses planned in the next two years, buyers need to act fast before prices rise further.
Project Development
Caboolture will see approximately $101.9M of new projects commencing construction in 2024 and 2025. New units and townhouses planned for construction will answer some of the demand, however this is not enough. Planned land lots will take time to develop into houses. The absence of stand-alone houses in the pipeline suggests that current undersupply is set to intensify, which will drive prices even higher.
Rental Market & Growth
House rental yields in Caboolture were 3.9% in September 2024, higher than Moreton Bay LGA (3.7%) and Brisbane Metro (3.2%). This is paired with a 6.1% growth in median house rental price in the past 12 months to Q3 2024, at $578 per week, along with a notable 55.1% increase in the number of houses rented (to 197 in Q3 2024). A similar trend was seen in the unit market, highlighting a highly demanded and competitive rental environment in Caboolture. This is good news for investors.
Vacancy Rates & Property Investment
Caboolture recorded a vacancy rate of 0.9% in September 2024, on par with the Moreton Bay LGA’s 0.8% but below Brisbane Metro’s 1.1% average. Vacancy rates in Caboolture decreased over the past 12 months, due to renters returning to the already tight rental market. Further, a 0.9% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental properties in Caboolture. This creates a conducive and sustainable investment environment for investors.
