Peregian Springs Property Factsheet 1st Half 2019
Peregian Springs* recorded a median prices of $695,000 fot houses and $547,000 for units in Q1 2019. This represents an annual (Q1 2018-Q1 2019) strengthening of 2.6% for houses and a softening of -4.6% for units. When compared to the Peregian Springs* 2nd Half 2018 Research Factsheet, which reported an annual (Q3 2017-Q3 2018) median price change of 1.6% (house) and 18.2% (units), units in Peregian Springs* are now more affordable whilst houses have proved resilient. First home buyers and investors are thus encouraged to take this opportunity to enter the market.
In comparison, the Sunshine Coast Regional Local Government Area (LGA) recorded a lower median house price of $600,000 in Q1 2019, representing an annual softening of -4.7% between Q1 2018-Q1 2019. Units recorded a median price of $418,000, representing an annual price softening of -2.8%. This suggests that Peregian Springs* is a premium market for houses and units when compared to the LGA.
Average vendor discounting has slightly tightened for houses over the past 12 months to Q1 2019, from -3.3% to -3.2%, showing buyer negotiation activity with sellers. Average vendor discounting for units widened from -2.6% in Q1 2018 to -4.3% Q1 2019. This suggests that now is an ideal time for buyers to benefit from available discounts towards their property purchases, as units are typically sold well below their first list asking price.
The median rental price for both houses and units softened over the past 12 months to Q1 2019. Houses recorded an annual softening of -0.9% to $530 per week. Median unit rents also softened by -2.2% to $450 per week. However, investors are currently benefiting from low average days on the market for both houses at 17 days and units at 19 days. Astute investors need to take this opportunity to enter the market, particularly as vacancy rates have declined to a healthy 2.0%. This further indicates high demand in the area as rental properties are being occupied relatively quickly.