Maroubra Property Market Update 2nd Half of 2023
In Q3 2023, Maroubra recorded a median house price of $2,623,000, and a median unit price of $890,000. This represents annual (Q3 2022 – Q3 2023) growth of 8.2% for houses and stability for units. Total sales between Q3 2022 – Q3 2023 increased, by 17.5% (to 114 sales) for houses and by 45.5% for units (to 211 sales). Confidence has returned to Maroubra, with properties in high demand. The undersupply in property stock has created a buffer against cash rate hikes, creating a resilient market. Houses in particular suggest real returns on investment, in good news for owners who are looking to sell.
Average vendor discounts between Q3 2022 and Q3 2023 have rapidly swung from a discount to a premium of 2.6% for houses, whilst remaining relatively stable at a discount of -2.3% for units. Maroubra house market has now shifted to favour sellers, as buyers must offer higher than the first list price. The unit market still favours buyers, with a final selling price below the first list price.
House rental yields in Maroubra was 2.3% in September 2023, slightly lower than Sydney Metro (2.7%). This was paired with a 27.3% increase in median house rental price in the past 12 months to Q3 2023, to $1,400 per week, and a 22.9% increase in the number of houses rented (to 145 houses). The same can be seen in the unit rental market. Thus, although there is a slightly lower rental yield, Maroubra proves to still be a highly demanded rental market.
4+ bedroom houses have provided investors with +18.3% rental growth annually, at a median rent of $1,650 per week.
Maroubra recorded a vacancy rate of 0.7% in September 2023, well below Sydney Metro’s 1.3% average. Vacancy rates in Maroubra have remained overall stable in the past 12 months, with fluctuations on a monthly basis due to investors reacting to cash rate hikes. A 0.7% vacancy rate is still very low, thus there is quicker rental occupancy in Maroubra. This suggests a conducive and sustainable environment for investors, even with a higher entry price in the past 12 months to Q3 2023.
