Maryborough Property Market Update 2nd Half 2024
Maryborough in Queensland offers a rich historical charm with beautifully preserved 19th-century buildings and a vibrant arts scene. The town is also surrounded by stunning natural beauty, providing opportunities for activities like kayaking, fishing, and bushwalking.
Property Trends
In Q3 2024, Maryborough (which in this report includes Maryborough, Tinana, Granville, Maryborough West, Oakhurst); recorded a median house price of $452,500. This is an annual (Q3 2023 – Q3 2024) growth of 13.8%, and a quarterly (Q4 2023 – Q1 2024) growth of 9.0%. Now is an ideal opportunity for owners to capitalize on their investments. House sales decreased annually and quarterly, with Q3 2024 recording the lowest number (98 sales). There is an undersupply of houses, which created a buffer against higher interest rates. With limited new stock planned for buyers, buyers need to act fast.
Project Development
Maryborough will see approximately $9.8B of new projects commencing in 2024 - 2025. The Torbanlea train project is a key infrastructure project, and with Maryborough being the closest major town, this project will strengthen the local economy through more jobs and supply chain opportunities. Residential projects planned in the area will only add new units, thus stand-alone houses and townhouses will remain undersupplied. This suggests property prices will most likely continue to increase in 2025.
Rental Market & Growth
House rental yields in Maryborough were 4.5% as of September 2024, higher than the Fraser Coast LGA (4.0%) and Brisbane Metro (3.2%). This was paired with a 5.4% increase in median house rental price in the past 12 months, at $485 per week, along with a 1.6% decrease (to 64 rentals in Q3 2024) in the number of houses rented. Thus, there is a highly-demanded and competitive house rental market in Maryborough, which is good news to investors.
Vacancy Rates & Property Investment
Maryborough recorded a vacancy rate of 0.2% in September 2024, well below the Fraser Coast LGA average (0.8%) and Brisbane Metro (1.1%). Vacancy rates decreased in the past 12 months, signalling an even tighter market. A 0.2% vacancy rate is a historical 2-year low for Maryborough and is significantly lower than the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests quicker occupancy of rental homes and a conducive environment for investors, even if the median sale price (thus entry price) has increased in the past 12 months to Q3 2024.
