Coolum Beach Property Market Update 2nd Half 2019
In Q3 2019, Coolum Beach recorded a median house price of $667,000, and a median unit price of $423,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -11.9% for houses and a price growth of 6.5% for units. At the same time, total sales in both markets slowed for Q3 2019, down by -3.0% for houses to 32 sales and by -54.2% for units to 22 sales.
Average vendor discounts between Q3 2018 and Q3 2019 has tightened for houses to -3.3% and widened for units to -2.8% for units. The Coolum Beach market is in a unique place where unit buyers can benefit from higher discount, yet unit sellers can still enjoy positive capital growth.
Over the past 12 months, house rental yields in Coolum Beach increased strongly to reach 4.1% in June 2019. This suggests the house rental market is in a healthy position, as the house rental median price increased by 3.1% to $495 per week respectively. Investors are encouraged to take this opportunity to invest in Coolum Beach and take advantage of the substantial rental returns.
4+ bedroom houses have provided investors with +10.7% rental growth annually, achieving a median rent of $620 per week.
Coolum Beach recorded a vacancy rate of 2.1% in June 2019, sitting below the Real Estate Institute of Australia (REIA) healthy vacancy rate bench mark of 3.0%. This confirms a healthy rental demand exists for properties in Coolum Beach.