Casino Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
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.
CHANGE FROM LAST
YEAR
HALF YEAR
HOUSE SALE S HOUSE ME DIAN PRICE
FUTURE DEVELOPMENTS Casino* will see approximately $49.0M of new projects commencing between July 2024 to June 2025.
Mixed-Use Projects
Commercial
$8.5M
$10.2M Infrastructure
Industrial
$14.1M
$16.2M
HOUSE RE NTAL PRICE A focus on industrial and infrastructure projects improve liveability and create local job opportunities in the construction phase. It can also attract more people to live in the area, especially as there is also commercial projects planned. This can have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Key infrastructure projects planned include two Local Government projects: Halstead Drive Access Restoration Stage 3 ($950K) and Colley Park Netball Clubhouse Facility ($850K).
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$450K
$406K
MEDIAN PRICE Q2 2024
$500
SALES
AVERAGE DAYS ON MARKET Q2 2024
88
54
HOUSE
U N I T
RENTALS
$355
Other projects in the pipeline include:
AVERAGE DAYS ON MARKET Q2 2024
26
30
HOUSE
U N I T
• 35 Cassino Drive Warehouse (Industrial) • Victory Camp Road Resource Transfer Station (Commercial) • 146-152 Johnston Street Units & Commercial (Mixed-use, 13 units) Although there is new stock planned, this is only 13 units. There are no standalone ready-to-sell townhouses and houses planned, which will most likely drive up house prices even further.
13 Units