Macquarie Park Property Market Update 1st Half 2024
In Q4 2023, Macquarie Park saw a median house price of $2,490,000, and a median unit price of $820,000. This represents annual (Q4 2022 – Q4 2023) median price growth of 13.2% for houses and a minor price softening of -0.9% for units. Total sales increased between Q4 2022 – Q4 2023, by 38.3% (to 206 sales) for houses and by 60.6% for units (to 477 sales). Confidence has returned to Macquarie Parks, with properties in high demand. Houses suggest real returns on investment, for owners who are looking to benefit. There is currently a slightly more affordable unit market, which is ideal for first home buyers.
Average house vendor discounts have remained at a premium for the past 18 months, with Q4 2023 recording the highest, at 7.3%. Average unit vendor discount has remained at a discount for most of this time, with Q4 2023 recording a tight discount of -1.0%. The house market in Macquarie Park continue to favour sellers, where buyers must offer above the first list price. Unit buyers can still benefit from a discount; however, time is limited.
House rental yields in Macquarie Park was 3.8% in December 2023, higher than Ryde LGA (2.4%) and Sydney Metro (2.8%). This was paired with a 16.6% increase in the median house rental price in the past 12 months to Q4 2023, now at $880 per week, and a -15.7% decrease in the number of houses rented (to 172 rentals). Unit rentals show a similar pattern, which suggest an undersupplied and highly demanded rental market overall.
4+ bedroom houses have provided investors with +21.9% rental growth annually, achieving a median rent of $1,070 per week.
Macquarie Park recorded a vacancy rate of 3.4% in December 2023, above Sydney Metro’s 1.7% average. Vacancy rates in Macquarie Park have fluctuated over the past 12 months, but mostly increasing due to a spike in investors returning to market. That said in the past 6 months vacancy rates have held steady and on average within the Real Estate Institute of Australia’s ‘Healthy’ benchmark of 3.0%, indicating an overall balanced rental market.
