Maryborough Property Market Update 2nd Half of 2023
In Q3 2023, Maryborough (which in this report encapsulates: Maryborough, Tinana, Granville, Maryborough West, Oakhurst); recorded a median house price of $390,000. This represents annual (Q3 2022 – Q3 2023) median price growth of 5.5%, and a quarterly (Q2 2023 – Q3 2023) softening of -1.3%. This suggests interest rate hikes and lower consumer confidence have translated into the market. Total house sales decreased annually and quarterly, with Q3 2023 recording the lowest number (103 sales). This suggests an undersupply of houses. With a more affordable market, new opportunities for buyers exist. Average vendor house discount between Q3 2022 and Q3 2023 have widened, to a higher discount of -2.6%. Market conditions in Maryborough still favour buyers, as vendors are willing to accept below the first list price. However, Q3 2023 discount is tighter than the past 3 and 6 months, thus first home buyers must act fast. House rental yields in Maryborough was 4.5% in September 2023, higher than Fraser Coast LGA and Brisbane Metro. This was paired with a 7.0% increase in median house rental price in the 12 months to Q3 2023, to $460 per week. The number of houses rented declined by -20.3% in this period, signalling an undersupply in the rental market. The unit rental market saw a 6.7% increase in median price, to $320 per week, which will benefit investors. 2-bedroom houses have provided investors with +13.4% rental growth annually, achieving a median rent of $380 per week. Maryborough recorded a vacancy rate of 0.5% in September 2023, which is below Brisbane Metro’s 1.0% average. Vacancy rates in Maryborough have held relatively steady over the past 12 months, indicating stability in rental demand and quicker occupancy of rental properties. These key indicators create a conducive and sustainable environment for investors, especially with a softer sale price in the past quarter (Q2-Q3 2023).
Key Findings
- In Q3 2023, Maryborough (which in this report encapsulates: Maryborough, Tinana, Granville, Maryborough West, Oakhurst); recorded a median house price of $390,000. This represents annual (Q3 2022 – Q3 2023) median price growth of 5.5%, and a quarterly (Q2 2023 – Q3 2023) softening of -1.3%. This suggests interest rate hikes and lower consumer confidence have translated into the market.
- Total house sales decreased annually and quarterly, with Q3 2023 recording the lowest number (103 sales). This suggests an undersupply of houses. With a more affordable market, new opportunities for buyers exist.
- 2-bedroom houses have provided investors with +13.4% rental growth annually, achieving a median rent of $380 per week. House rental yields in Maryborough was 4.5% in September 2023, higher than Fraser Coast LGA and Brisbane Metro
- A total of $2.8B in project development is scheduled for the 2nd half of 2023, focusing on the industrial sector. There are 33 units, 92 townhouses, 5 dwellings, and 1,153 land lots planned, which will assist with housing supply in the short and long term.
- Vacancy rates in Maryborough were a low 0.5% in September 2023. Vacancy rates in Maryborough have held relatively steady over the past 12 months, indicating stability in rental demand and quicker occupancy of rental properties. These key indicators create a conducive and sustainable environment for investors.
