Casino Property Market Update 1st Half of 2024
In Q4 2023, Casino recorded a median house price of $440,000, and a median unit price of $327,000. This represents annual (Q4 2022 – Q4 2023) softening of -5.9% for houses and -13.1% for units. Interestingly, on a quarterly basis (Q3 –Q4 2023), median sales price grew by 3.5% for houses and 9.0% for units. The number of sales surged in the past 12 months to Q4 2023, by 77.1% for houses and 175.0% for units. Combined with quarterly data this suggests high demand for both property types, which resulted in a market recovery. With little new stock planned now is the time to enter the market, before further price growth occurs.
Average vendor discounts between Q4 2022 and Q4 2023 have widened to -5.1% for houses but tightened to -5.4% for units. The market still favour buyers, as vendors are willing to accept below the first list price. Average vendor discount has remained relatively stable for the past 6 months, creating an opportunity for buyers and sellers. With little new stock planned, now is the time to transact.
House rental yields in Casino was 3.8% as of December 2023, on par with the NSW North Coast (3.8%) and higher than Sydney Metro (2.8%). This was paired with a 2.2% increase in median houses rental price growth in the past 12 months, to $470 per week, and a 27.8% growth in the number of houses rented (to 46 houses). This suggests a highly demanded rental market and confirms Casino as an attractive and more affordable investment option than Sydney Metro.
2-bedroom houses have provided investors with +2.9% rental growth annually, achieving a median rent of $360 per week.
Casino recorded a vacancy rate of 1.1% in December 2023, below the NSW North Coast (1.3%) and Sydney Metro (1.7%). Vacancy rates in Casino saw a slight spike in the past 12 months, due to investors coming back to the market and capitalising on a tight rental market. However, it is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental properties. This confirms there is still a healthy rental demand, and investors can be confident of a conducive investment environment in Casino.
