Tallebudgera Property Market Update 1st Half of 2023
In Q4 2022, Tallebudgera recorded a median house price of $1,435,000. This represents annual (Q4 2021 – Q4 2022) median price softening of -4.9% for houses. House sales decreased between Q4 2021 – Q4 2022, by -19.2% to 21 sales. Low stock explains the decrease in sales, due to a limited number of new stand-alone homes built in the area. Further, sellers may be discouraged by the current cash rate hikes, which limits the borrowing capacity of a buyer for purchasing in a premium market. The market has turned in Tallebudgera, with median house price softening, thus offering higher affordability for buyers.
Average vendor discounts between Q4 2021 and Q4 2022 have rapidly shifted for house types, to a wider discount of -8.5% for houses. Market conditions in Tallebudgera have now shifted to favour buyers, as vendors are willing to accept below the first list price. Q4 2022 recorded one of the highest discounts within the past 24 months, creating an opportunity for buyers.
House rental yields in Tallebudgera softened to sit at 3.3% in December 2022, slightly lower than Gold Coast Main (3.9%). That said median house rental price has remained within the $1,000-$1,200 range throughout mid-late 2022, with the number of houses rented ranging from 7-9 on a quarterly basis. Average days to let declined quite significantly, by -11.8% to 30 days, which suggests that demand for rental houses remain robust.
4+ bedroom houses have provided investors with +35.1% rental growth annually, with a median rent of $1,250 per week.
Tallebudgera recorded a vacancy rate of 1.4% in December 2022, which is slightly above Gold Coast Main’s 0.6% average. Vacancy rates in Tallebudgera have heavily fluctuated over the past 12 months, due to the balance of demand and supply of rental properties in a small rental market. That said there is still a healthy rental demand and investors can be confident of a conductive investment environment in Tallebudgera, especially with the recent price downturn in the past 12 months.