Maroubra Property Market Update 1st Half of 2023
In Q1 2023, Maroubra recorded a median house price of $2,510,000, and a median unit price of $837,000. This represents annual (Q1 2022 – Q1 2023) median price softening of -1.6% for houses and -20.3% for units. That said, on a quarterly basis (Q4 2022 – Q1 2023) median house price grew by 2.7% and median unit price declined at only -4.6%. Thus, cash rate hikes did translate into the market, but consumer confidence have returned. In the past 12 months sales declined by -27.9% (house) and -40.6% (units), thus an undersupply is evident. For those looking for a more affordable market, time is of the essence.
Average vendor discounts between Q1 2022 and Q1 2023 have shifted for houses, to a higher premium of 3.8% (from 3.3%). Units have swung from a neutral position to a discount of -2.0% in Q1 2023. House sellers can achieve a final price above the first list price again in Q1 2023, thus a potential return to pre-cash rate hike market conditions.
House rental yields in Maroubra were recorded at 3.0% in March 2023, slightly above Sydney Metro (2.9%). This was paired with a 24.5% increase in median house rental price in the past 12 months to Q1 2023, and a -7.5% decrease in the number houses rented. Average days on the market declined by, -9.5% to a low 19 days – the lowest recorded in the past 18 months. This confirms there is an undersupplied rental market in Maroubra.
3-bedroom houses have provided investors with +29.4% rental growth annually, with a median rent of $1,100 per week.
Maroubra (Postcode 2035) recorded a vacancy rate of 0.8% in March 2023, which is below Sydney Metro’s 1.3% average. Thus, properties are rented quicker in Maroubra. Further, vacancy rates in Maroubra have held steady over the past 12 months, indicating stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, even if the house market has started to gain price growth in the past quarter.
