Maroubra Property Market Update 1st Half of 2024
Maroubra, located in New South Wales, offers a stunning beach lifestyle with excellent surfing and beautiful coastal walks. It also provides a strong sense of community and easy access to amenities and public transport.
Property Trends
In Q1 2024, Maroubra recorded a median house price of $2,700,000, and a median unit price of $1,100,000. This represents annual (Q1 2023 – Q1 2024) median price softening of -3.9% for houses and a price growth of 16.1% for units. Total sales increased between Q1 2023 – Q1 2024, by 18.1% (to 137 sales) for houses and by 43.1% for units (to 352 sales).
The house market is currently more affordable, potentially due to higher interest rates applied to a higher price point (compared to units), which creates an opportunity for buyers.
Unit prices suggest real returns on investment, making now a good time for owners to sell.
Average Vendor Discount
Average vendor discounts between Q1 2023 and Q1 2024 have remained at a premium for both property types, now at a higher premium of 8.0% for houses and 5.8% for units.
Market Conditions
Market conditions in Maroubra continue to favour sellers, where buyers must offer above the initial listing price. Q1 2024 recorded the highest premiums in the past 2 years, thus an ideal time to sell – even if there is a slightly softer market in the past 12 months (to Q1 2024).
Rental Market & Growth
House rental yields in Maroubra was 3.1% in March 2024, slightly higher than Sydney Metro (2.9%). This was paired with a 3.4% increase in median house rental price in the past 12 months to Q1 2024, at $1,500 per week, and a -22.6% decrease in the number of houses that was rented (to 120 houses). The unit market shows a similar pattern, which suggests there is an undersupply of rental properties (both types) in Maroubra.
3-bedroom houses have provided investors with +20.9% rental growth annually, achieving a median rent of $1,390 per week.
Vacancy Rates & Property Investment
Maroubra recorded a vacancy rate of 0.7% in February 2024, which is slightly below Sydney Metro’s 1.1% average. Vacancy rates in Maroubra have fluctuated over the past 12 months, due to investors entering and exiting the market. It is now back to record low figures and is well below the Real Estate Institute of Australia’s ‘healthy’ benchmark of 3.0%. This indicates a tight rental demand and quicker occupancy. This is good news for investors, especially as house prices have become more affordable in the past quarter and 12 months to Q1 2024
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