Maryborough Property Market Update 1st Half of 2024
In Q1 2024, Maryborough (which in this report includes Maryborough, Tinana, Granville, Maryborough West, Oakhurst); recorded a median house price of $412,500. This represents annual (Q1 2023 – Q1 2024) growth of 13.0%, and a quarterly (Q4 2023 – Q1 2024) growth of 0.6%. House sales decreased annually and quarterly, with Q1 2024 recording the lowest number (101 sales). There is an undersupply of houses, which has created a buffer against higher interest rates. That said the median price growth rate on a quarterly basis is slower, creating a slightly more affordable market and ideal opportunity for first home buyers.
Average vendor discounts between Q2 2023 and Q1 2024 have remained relatively stable at -3.3% for houses and widened to -7.8% for units. The market continues to be more favourable for buyers, especially in the unit market, as the past 6 months recorded the highest discount. Now is the ideal time for buyers to enter the market.
House rental yields in Maryborough was 4.9% as of March 2024, higher than the Fraser Coast LGA (4.3%) and Brisbane Metro (3.5%). This was paired with a 5.6% increase in median house rental price in the past 12 months, at $475 per week, and a -36.7% decrease (to 38 rentals) in the number of housed rented. Thus, there is an undersupplied rental market in Maryborough, which is good news to investors.
4+ bedroom houses have provided investors with +8.8% rental growth annually, achieving a median rent of $520 per week.
Maryborough recorded a vacancy rate of 0.4% in March 2024, below the Fraser Coast LGA average (0.7%) and Brisbane Metro (1.0%). Vacancy rates have remained stable in the past 12 months, indicating a tight and stable rental market. A 0.4% vacancy rate is significantly lower than the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of properties. This suggests a conducive and sustainable environment for investors, even if the median house sale price (thus entry price) has increased in the past 12 months.
