Maroubra Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW In Q1 2024, Maroubra* recorded a median house price of $2,700,000, and a median unit price of $1,100,000. This represents annual (Q1 2023 – Q1 2024) median price softening of -3.9% for houses and a price growth of 16.1% for units. Total sales increased between Q1 2023 – Q1 2024, by 18.1% (to 137 sales) for houses and by 43.1% for units (to 352 sales). The house market is currently more affordable, potentially due to higher interest rates applied to a higher price point (compared to units), which creates an opportunity for buyers. Unit prices suggest real returns on investment, making now a good time for owners to sell.
CHANGE FROM LAST
YEAR
Maroubra* is set to see approximately $90.4M worth of new projects commencing in the 1st half of 2024. Residential
$11.5M Commercial
HALF YEAR
$29.3M
HOUSE SALE S
Mixed-Use Projects
HOUS E ME D IAN PRICE
$35.8M
HOUS E RE NTAL PRICE Infrastructure
$13.8M
UNIT S AL E S
These projects will stimulate economic growth and create large employment opportunities in Maroubra. This can have an impact on the property market, in the form of more demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
The main mixed used project in the 1st half of 2024 is Wentworth Avenue Mixed Use Development ($35.8M), bringing in more warehouses for the industrial and commercial sector.
$ MARKET CONDITIONS MEDIAN PRICE Q1 2024
$2.7M
$1.1M
MEDIAN PRICE Q1 2024
$1500K
SALES
AVERAGE DAYS ON MARKET Q1 2024
44
51
HOUSE
U N I T
RENTALS
$850K
AVERAGE DAYS ON MARKET Q1 2024
21
14
HOUSE
U N I T
The largest residential project in the 1st half of 2024 is the Byron Street Units Development ($4.8M). The project is set to add 6 units to the Maroubra area. Others include: •
5 Severnt Street (9 apartments)
•
33-35 Church street (6 units)
Although there is incoming supply of ready-to-go units/apartments, this is not enough to address the current demand. Further, there are no new houses planned. Combined this will continue to put pressure on prices.
21 Units/ Apartments