Burleigh Heads Property Market Update 1st Half of 2021
In Q4 2020, Burleigh Heads recorded a median house price of $985,000, and a median unit price of $620,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 17.7% for houses and 22.7% for units. Between Q4 2019 – Q4 2020 total sales in both markets declined, by -13.0% for houses (to 180 sales) and by -1.4% for units (to 345 sales). Price growth coupled with lower stock suggest a potential undersupply in the market. Current conditions in Burleigh heads indicate an ideal time to sell, as vendors are achieving final sale prices closer to their expectations due to the surge in demand.
Average vendor discounts between Q4 2019 and Q4 2020 have significantly tightened for both property types, to -0.2% for houses and -1.5% for units. Overall, this indicates that market conditions in Burleigh Heads are shifting to favour sellers, however buyers still have some room to negotiate. Now is a great time to sell.
In December 2020, house rental yields in Burleigh Heads were recorded at 3.2%. In the 12 months to Q4 2020, the median house rental price grew substantially, by 6.1% to $695 per week. In conjunction with average days on the market declining by -38.1% (to 13 days), this establishes the Burleigh Heads rental market as a highly demanded area.
3 bedroom houses have provided investors with +4.8% rental growth annually, with a median rent of $650 per week.
In December 2020, Burleigh Heads recorded a significantly low vacancy rate of 0.2%, well below that of Gold Coast Main (0.7%) and Brisbane Metro (1.8%). Vacancy rates in Burleigh Heads are at all-time record lows, and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is resilience in the rental market despite COVID-19, thus investors can be confident of a conducive investment environment in Burleigh Heads¥ .