15 Aug 2018
Maryborough is a more attractive option for first home buyers, as not only can houses be secured at a more affordable price than the Fraser Coast Region, it is currently increasing in affordability. Now is the time for buyers to enter the market and capitalise on this great opportunity.
The Maryborough property market recorded a median house price of $195,000 in Q1 2018, which represents a softening of -1.3% over the past 12 months. Over the same time frame (Q1 2017 – Q1 2018), house prices in the Fraser Coast Region has been stable, at $325,000 in Q1 2018.
Between Q1 2017 and Q1 2018, average vendor discounts for houses has tightened to -6.9%, which suggests that overall sellers are finalising house sales at prices closer to the first list asking price. That said, the seller’s tenacity to attain the first list asking price has resulted in a slightly higher average day to sell at 108 days. Moreover, the number of houses sold in Q1 2018 has increased by 31.8%, which suggests buyers may have more options to choose from – this could also result in increased day on market. Overall the market remains in the buyers’ favour as they are benefiting from increased affordability.
Weekly median rent for houses in Maryborough has grown by 3.8% to $270 over the past 12 months, which is positive news for house owners/investors. Over the same period (Q1 2017 – Q1 2018), weekly median rent for units has softened by -2.4% to $205. Currently, investors are benefiting from rental yields of 6.9% (house) and 6.1% (units), which is higher than Fraser Coast area (houses: 4.3%, units: 5.5%) and Brisbane Metro (houses: 3.8%; units 5.0%). First home property investors need to consider Maryborough as a key area to include in their investment portfolios.