Burleigh Heads Property Market Update 2nd Half of 2022
In Q2 2022, Burleigh Heads* recorded a median house price of $1,380,000, and a median unit price of $820,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 16.2% for houses and 17.6% for units. Total sales decreased between Q2 2021 – Q2 2022, by -31.0% (to 171 sales) for houses and by -41.7% (to 201 sales) for units. The Burleigh Heads* market is still undersupplied, as price growth is alongside lower sales volume. Now is an ideal time for owners and downsizers to capitalise on their investments. The demand and supply imbalance can create a buffer against rising cash rates.
Average vendor discounts between Q2 2021 and Q2 2022 have rapidly shifted for both property types, to discounts of -2.9% for houses and -0.9% for units. Market conditions in Burleigh Heads* have seen a major shift in Q2 2022, as it is the first time in 6 quarters that a discount is recorded. This suggest vendors are willing to accept offers below the initial listing price.
House rental yields in Burleigh Heads¥ sat at 3.9% in June 2022. This was paired with a 20.3% median house rental price increase in the 12 months to Q2 2022, and a 4.7% increase in the number of houses rented during the same time frame. The average days on market have increased slightly, but remained at a low 22 days.
4+ bedroom houses have provided investors with +33.3% rental growth annually, with a median rent of $1,200 per week.
Burleigh Heads¥ recorded a vacancy rate of 0.8% in June 2022, which is slightly above Gold Coast and Brisbane Metro’s 0.6% average. Vacancy rates in Burleigh Heads¥ have decreased over the past 24 months, indicating an increase in its rental demand. It has remained within the 1.0% mark for the past 18 months, indicating stability for rental income cash flow. Combined, these key indicators suggest a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.