Burleigh Heads PRD Market Update 1st Half of 2020
Burleigh Heads* recorded a median house price of $850,000 and a median unit price of $480,000 in Q4 2019. This represents annual (Q4 2018 – Q4 2019) median price growth of 8.3% for houses and 5.1% for units. Between Q4 2018 – Q4 2019 house sales increased by 30.3% (to 215 sales), and unit sales increased by 21.1% (to 230 sales). Current market conditions shows clear signs of market recovery, as an increase in demand is accompanied by an increase in property prices. Now is the time to transact in Burleigh Heads*.
Average vendor discounting between Q4 2018 and Q4 2019 has tightened to -2.5% (houses) and -2.9% (units). Market conditions in Burleigh Heads* have now shifted to favour vendors, where buyers need to offer closer to the listing price. This shows clear signs of market recovery, with an increase in demand due to low interest rates and lenient access to finance.
Over the past 12 months, house rental yields in Burleigh Heads* were recorded at 3.6% in December 2019, slightly below Gold Coast Main (4.1%) and Brisbane Metro (3.9%). However, over the 12 months to Q4 2019 house median rental price strengthened by 1.1% to $673 per week, and unit median rental price grew by 2.3% to $450 per week.
3-bedroom houses have provided investors with +3.4% rental growth annually, resulting in a median rent of $615 per week.
Burleigh Heads* recorded a vacancy rate of 2.0% in December 2019, which is a lower rate than Gold Coast Main (2.3%) and Brisbane Metro (2.9%). Further, vacancy rates in Burleigh Heads* have been declining over the past six months. This indicates a healthy rental demand in Burleigh Heads*, and investors can be confident of quick occupancy of their properties.