Burleigh Heads Property Market Update 2nd Half of 2020
Burleigh Heads recorded a median house price of $785,000 and a median unit price of $490,000 in Q2 2020. This represents annual (Q2 2019 – Q2 2020) median price growth of 0.6% for houses, and stable growth for units. Between Q2 2019 - Q2 2020 sales declined, by -38.2% for house (to 110 sales) by -57.5% for units (to 114 sales). Market conditions shows clear signs of resilience throughout COVID-19, as price growth remained stable despite a decline in sales. Now is the time for first home buyers to enter the market.
Over the 12 months to Q2 2020, average vendor discounting has tightened to -1.8% (houses) and -3.2% (units). Market conditions in Burleigh Heads provide unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In June 2020, house rental yields in Burleigh Heads were 3.6%, slightly below Gold Coast Main (4.1%) and Brisbane Metro (3.7%). Furthermore, in the 12 months to Q2 2020 house median rental price were stable at $650 per week, whereas unit median rental price grew by 4.4% to $470 per week. This represented a resilient rental market throughout COVID-19.
2-bedroom houses have provided investors with +7.3% rental growth annually, resulting in a median rent of $515 per week.Over the June 2020 Quarter, Burleigh Heads recorded a vacancy rate of 2.2%, lower than both Gold Coast Main (4.0%) and Brisbane Metro (2.4%). Vacancy rates in Burleigh Heads have remained relatively stable over the past 12 months, and even amidst COVID-19 conditions. This confirms there is a healthy rental demand in Burleigh Heads, and investors can be confident of conducive investment environment even throughout a recession.