Burleigh Heads Property Market Update 1st Half of 2023
In Q4 2022, Burleigh Heads recorded a median house price of $1,390,000, and a median unit price of $810,000. This represents annual (Q4 2021 – Q4 2022) median price softening of -4.1% for houses and a 1.9% price growth for units. Total sales decreased between Q4 2021 – Q4 2022, by -41.1% (to 132 sales) for houses and by -44.2% (to 179 sales) for units. The Burleigh Heads market is still undersupplied, but a softening in median house price suggests increasing cash rate and consumer uncertainty is translating into the market. This creates new opportunities for buyers who are ready to enter the market.
Average vendor discounts have rapidly swung between Q4 2021 and Q4 2022, to discounts of -5.1% for houses and -2.1% for units. Q4 2022 has recorded the highest discount for the past 24 months, particularly for houses. Market conditions in Burleigh Heads have now shifted to favour buyers, as vendors are willing to offer below the listing price. Now is the time to enter the market.
House rental yields in Burleigh Heads was 3.9% in December 2022. This was paired with an 11.8% increase in median house rental price in the 12 months to Q4 2022 and a 1.0% increase (to 196 rentals) number of houses rented. Average day on the market declined by -5.3%, to a low 18 days. The same pattern can be seen in the unit market, which suggest there is an undersupplied and resilient rental market in Burleigh Heads.
4+ bedroom houses provided investors with +33.3% rental growth annually, achieving a median rent of $1,200 per week.
Burleigh Heads recorded a vacancy rate of 0.8% in December 2022, slightly below Brisbane Metro’s 1.1% average. Vacancy rates in Burleigh Heads have held steady relatively over the past 12 months and under the Real Estate Institute of Australia healthy benchmark of 3.0%. This indicates rental demand stability and quicker occupancy. Thus, a conducive and sustainable environment for investors, especially with a decrease in median sale prices of property in the past 12 months.
