Maidstone PRD Market Update 2nd Half of 2019

In Q3 2019, Maidstone recorded a median house price of $745,000, and a median unit price of $585,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -5.1% for houses and -6.8% for units. At the same time, total sales increased for Q3 2019, up by 20.0% for houses (to 18 sales) and by 14.3% for units (to 24 sales). This increase in sales activity suggests confidence is returning to the market, making now the time to buy and sell.

Average vendor discounts between Q3 2018 and Q3 2019 tightened for both property types, to -0.9% for houses and to a 0.8% premium for units. Market conditions in Maidstone continue to marginally favour house buyers, whereas unit vendors are achieving prices above their initial listing price. This is a clear shift from 12 months ago, reinforcing now as an ideal tie to transact in the Maidstone property market.

Over the past 12 months, house rental yields increased to reach 3.3% in June 2019; above Melbourne Metro’s 3.0% average. This suggests the house rental market is in a healthy position.

3 bedroom houses have provided investors with stable rental prices annually, achieving a median rent of $440 per week.

Maidstone recorded a vacancy rate of 1.5% in June 2019, representing a declining trend over the past 6 months and is below the Melbourne Metro average of 2.0%. This confirms there is now a healthier rental demand in Maidstone and combined with an increase in rental yield makes it an ideal place for investors.