Casino Property Market Update 2nd Half 2024
Casino, nestled in the serene hinterland of New South Wales, beckons with its tranquil lifestyle. Surrounded by the lush beauty of the Richmond Range National Park and boasting the title of ‘Beef Capital of Australia’, it’s a place where nature and culinary delights converge.
Property Trends
In Q2 2024, Casino recorded a median house price of $450,000, and a median unit price of $406,500. This represents annual (Q2 2023 – Q2 2024) growth of 13.4% for houses and 45.2% for units. Comparing Q2 2023 vs Q2 2024, total sales have surged by 30.6% for houses, indicating a highly in demand house market. On the other hand, during the same time frame, unit sales declined by -12.5%, suggesting an undersupplied market. Now is an ideal time for homeowners to capitalize on their investment returns. Additionally, with very little new ready-to-sell stock planned, buyers must act fast before prices rise even further.
Project Development
Casino will see approximately $49.0M of new projects commencing between July 2024 to June 2025. Although there is new stock planned, this is only 13 units. There are no stand-alone ready-to-sell townhouses and houses planned, which will most likely drive up house prices even further.
Rental Market & Growth
House rental yields in Casino were 3.7% as of June 2024, which is much higher than Sydney Metro (2.8%). This was paired with a 7.5% increase in median house rental price growth in the past 12 months, to $500 per week, and a 5.0% growth in the number of houses rented (to 42 houses in Q2 2024). This suggests a highly demanded rental market and confirms Casino as an attractive and more affordable investment option than Sydney Metro.
Vacancy Rates & Property Investment
Casino recorded a vacancy rate of 1.3% in June 2024, lower than the NSW North Coast (1.4%) and Sydney Metro (1.7%). Although vacancy rates in Casino saw a slight increase in the past 12 months, due to investors returning to the market and capitalising on a tight rental market, a 1.3% figure is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Thus, this still suggests quicker occupancy of rental properties. This confirms a strong rental demand, and investors can be confident of a conducive investment environment in Casino.
