Runaway Bay PRD Market Update 1st Half of 2020
Runaway Bay recorded a median house price of $735,000 and a median unit price of $450,000 in Q4 2019. This represents annual (Q4 2018 – Q4 2019) median price softening of -2.4% for houses and growth of 0.4% for units. Between Q4 2018 – Q4 2019 total sales strengthened by 38.3% for houses (to 112 sales) and by 14.1% for units (to 211 sales). Market conditions in Runaway Bay have started to recover, with demand increasing. Now is the time for first home buyers to enter the market, while prices are still affordable.
Average vendor discounting between Q4 2018 and Q4 2019 has tightened to -3.6% for houses and to -5.3% for units. Market conditions in Runaway Bay have started to favour vendors, where buyers are willing to negotiate closer to initial listing price. This is a great opportunity for sellers to capitalise on their properties.
House rental yields in Runaway Bay were recorded at a rate of 4.3% in December 2019, well above that of Gold Coast Main (4.1%) and Brisbane Metro (3.9%). Over the 12 months to Q4 2019 house rental median price was stable at $550 per week, followed by unit rental median price slight softening by -3.4% to $425 per week respectively.
2-bedroom houses have provided investors with +3.8% rental growth annually, resulting in a median rent of $415 per week.
Runaway Bay recorded a vacancy rate of 2.4% in December 2019, on par with Gold Coast Main (2.3%) but well below that of Brisbane Metro (2.9%). Vacancy rate in Runaway Bay is lower than the Real Estate Institute of Australia healthy benchmark of 3.0%, thus a healthier rental demand. Investors are encouraged to take this opportunity to enter the market.