Maroubra Property Market Update 2nd Half 2024
Maroubra in New South Wales is a vibrant beachside suburb located in the eastern suburbs, 10 km from Sydney CBD within the City of Randwick. Maroubra is renowned for is 1-kilometre-long beach, making it a very attractive spot for surfers and swimmers. Maroubra is home to dining and lifestyle facilities, and its close vicinity to the city makes it an ideal location.
Maroubra in New South Wales is a vibrant beachside suburb located in the eastern suburbs, 10 km from Sydney CBD within the City of Randwick. Maroubra is renowned for is 1-kilometre-long beach, making it a very attractive spot for surfers and swimmers. Maroubra is home to dining and lifestyle facilities, and its close vicinity to the city makes it an ideal location.
Property Trends
In Q3 2024, Maroubra recorded a median house price of $2,725,000, and a median unit price of $1,170,000. This represents an annual (Q3 2023 – Q3 2024) slight price softening of -2.7% for houses and growth of 15.8% for units. Comparing Q3 2023 – Q3 2024, sales declined by -5.0% for houses (to 134 sales in Q3 2024) and increased by 7.5% for units (to 442 sales in Q3 2024). The house market is impacted by higher interest rates; but this creates an opportunity for buyers whilst providing a return of investment for owners. The unit market is in high demand, and with only a small number of new units planned for the rest of 2024, now is an ideal time to transact.
Project Development
Maroubra will see approximately $137.4M of new projects commencing construction in 2024. Most of these developments are infrastructure projects, mixed-use and commercial projects, including 132 Wentworth Avenue Mixed Use Development ($35.7M), Westfield Eastgardens ($25.0M) and the Prince of Wales Randwick Hospital Refurbishment ($14.4M). There are a few projects that will add residential stock to the Maroubra, but an undersupply is still expected.
Rental Market & Growth
House rental yields in Maroubra was 2.3% in September 2024, slightly lower than Sydney Metro (2.8%). That said, median house rent price has remained relatively stable in the past 12 months to Q3 2024, at $1,392 per week. The number of houses rented declined by -2.4% in the past 12 months, to 164 rentals in Q3 2024. In contrast median unit rental price increased by 6.7% to $848, and the number of units rented also increased, by 19.4% to 1,221 units in Q3 2024. Overall, this suggests a highly demanded rental market, in good news for investors.
Vacancy Rates & Property Investment
Maroubra recorded a vacancy rate of 1.3% in September 2024, slightly higher than Randwick LGA’s 1.0% average, but below Sydney Metro’s 1.6% average. Vacancy rates in Maroubra increased in the past 12 months, due to investors returning to market as cash rates stabilised. That said a 1.3% vacancy rate is still significantly below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes in Maroubra. This creates a conducive environment for investors.
