Maroubra Market Update 2nd Half 2024
FROM LAST HOUSE MEDIAN PRICE HOUSE RENTAL PRICE
In Q3 2024, Maroubra* recorded a median house price of $2,725,000, and a median unit price of $1,170,000.This represents annual (Q3 2023 –Q3 2024)slight price softening of -2.7% for houses and growth of 15.8% for units. Comparing Q32023 – Q3 2024,sales declined by -5.0% for houses (to 134sales in Q3 2024)and increased by 7.5%for units (to 442 sales in Q3 2024). The house market is impacted by higher interest rates, however it creates an opportunity forbuyers whilst providing a return of investment forowners. The unit market is in high demand, and with only a small number of new units planned, now is anideal time to transact. 33 $2.75M $1.17M
HALF
MEDIAN PRICE Q3 2024
AVERAGE DAYS ON MARKET Q3 2024
Maroubra is set to see approximately $137.4Mofnewprojectscommencing constructionin2024
MEDIAN PRICE Q3 2024
AVERAGE DAYS ON MARKET Q3 2024
These projectswill stimulate economic growthandcreatenew jobopportunitiesin Maroubra.This will havea spill-overimpact on the real estatemarket,in the form of higherdemandfor housingstock.
The largest mixed-use project in 2024 is 132Wentworth Avenue ($35.8M), which will bolster up the industrial sector in Maroubra.
The largest residential project in 2024 is the 5Severn Street Apartments, which will add 9 Apartments.
Others include:
• 15-16 Botany Street (6 Townhouses)
• 58 Bream Street (3 Units)
Although there is new stock planned in 2024,this is not enough to answer demand – especially based on Q3 2024sales figures. An absence in new stand-alone houses suggest demand will be directed totownhouses and units, thus pushing up prices forall stock types in Maroubra.
AVERAGE VENDOR DISCOUNT*
Average vendor discount reflects the average percentage difference between the first list price and final sold price. A lower percentage difference (closer to 0.0%) suggests that buyers are willing to purchase close to the first asking price of a property.
In the past 12months to Q3 2024average house vendor discounts have remained at a premium, but to a lesser percentage of 3.0%. Average unit vendor discount has remained relatively stable, at a premium of 2.8%in Q3 2024. Market conditions in Maroubra continue to favour sellers, where buyers must offer above the initial listing price for both houses and units. That said, Q3 2024house premium was the lowest in 18 months, thus home owners should act fast and capitalise ontheir investment.
The suburb of Maroubra has historically offered a slightly more affordable market than the wider Randwick Local Government Area (LGA) in both house and unit median prices. This has continued in 2024# with both the suburb and LGA trending in the same direction.
The dominant proportion of homes sold in Maroubra* in 2024# were in the premium priced point of $3,050,000and above (51.6%). That said, a slight softening in the median house price has increased the number of homes sold in the most affordable price point of less than $2,449,999;to 25.6%of stock. Further, there is an almost equal split for units, between the premium and affordable markets.
MARKET COMPARISON
The market comparison graph provides a comparative trend for the median price of houses and unit over the past 5 years. The LGA profiled are chosen based on their proximity tothe main suburb analysed, which is Maroubra.
than $2,449,999 $2,450,000 to $2,649,999 $2,650,000 to $2,849,999
to $3,049,999
than $999,999 $1,000,000 to $1,099,999 $1,100,000 to $1,199,999 $1,200,000 to $1,299,999 $1,300,000 and above
Maroubra House Randwick LGA House Maroubra Unit Randwick LGA Unit
RENTAL GROWTH 2024€
House rental yields in Maroubra* was 2.3%in September 2024, slightly lower than Sydney Metro (2.8%). Median house rent price has remained relatively stable in the past 12 months to Q3 2024,at $1,392per week. The number of houses rented declined by -2.4% in the past 12 months, to 164rentals in Q3 2024.Median unit rental price increased by 6.7% to $848, and the number of units rented also increased, by 19.4% to1,221units in Q3 2024. Overall this suggests a highly demanded rental market, in good news for investors.
2-bedroom houses have provided investors with +5.3%rental growth annually, achieving a median rent of $1000per week.
Maroubra¥ recorded a vacancy rate of 1.3%in September 2024, slightly higher than Randwick LGA’s 1.0%average, but below Sydney Metro’s 1.6% average. Vacancy rates in Maroubra¥ increased in the past 12 months, due to investors returning to market as cash rates stabilised. Thatsaid a 1.3% vacancy rate is still well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes and benefits to investors.
RENTAL VACANCY RATES 2024
Maroubra (2035)
Randwick LGA
Sydney Metro
PROJECT DEVELOPMENT 2024 ₳
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REFERENCES
* Maroubra sales market data and key indicators encapsulates aggregate property market conditions within the suburbs of Randwick, Coogee, Maroubra, East Gardens, Hillsdale, Matraville.
** Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value.
# 2024 encapsulates sales transactions for Q1 - Q3 2024(01/01/2024 – 30/09/2024) only, other years encapsulates sales transactions for the full year (i.e 01/01 to 31/12 of the relevant year).
€ Annual rental growth is a comparison between Q3 2023 (01/07/2023 – 30/09/2023) and Q3 2024 (01/07/2024 – 30/09/2024) house median rent figures.
¥ Maroubra rental market data encapsulates aggregate property conditions within the postcodes of 2031, 2034, 2035, 2036.
§ Rental yields shown are as reported as of September 2024.
₳ Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes.
£ Projects refers to the top developments within the postcodes of 2031, 2034, 2035, 2036.
µ Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project’s sale/commercial value.
ψ Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRD does not hold any liability to the exact date.
Source: APM Pricefinder, Cordell Connect database, SQM Research, Esri ArcGIS.
Disclaimer: PRD does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRD will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material.
Prepared by PRD Research. © All medians and volumes are calculated by PRD Research. Use with written permission only. All other responsibilities disclaimed. © Copyright PRD 2024.
