Carina/Carindale PRD Market Report 2nd Half of 2019

In Q3 2019, Carina/Carindale recorded a median house price of $780,000, and a median unit price of $435,000. This represents annual (Q3 2018 – Q3 2019) median price growth of 7.8% for houses and a softening of -6.5% for units. At the same time total sales slowed, down by -39.8% for houses and by -39.2% for units. There is potentially an under supply of houses, indicating a good time to sell. Units are now more affordable, good news for first time home buyers. 

Average vendor discount between Q3 2018 and Q3 2019 has widened for houses to -2.7% and swung to a premium of 1.9% for units. The Carina/Carindale market is in a unique place where house buyers can benefit from higher discount, yet house sellers can still enjoy positive capital growth. Even though the unit market has softened in terms of price growth, the final sale price is still typically higher than first list price.   

Over the past 12 months, house rental yields in the Carina/Carindale increased to reach 3.6% in June 2019. The house rental market is still at healthy position despite having a slightly lower rental yield than Brisbane Metro (3.8%). Investors are benefiting from increased demand for rental properties across the same time period, up by 9.8%. 

4+ bedroom houses have provided investors with stable returns, achieving a median rent of $630 per week.

Carina/Carindale recorded a vacancy rate of 2.2% in June 2019, which is well below that of East Brisbane (2.9%) and Brisbane Metro (2.5%). Carina/Carindale vacancy rate has been on a declining trend since December 2016, confirming there is now a healthier rental demand.