Tallebudgera Property Market Update 2nd Half of 2023
In Q2 2023, Tallebudgera recorded a median house price of $1,790,000. This represents annual (Q2 2022 – Q2 2023) median price growth of 23.2% for houses. House sales increased between Q2 2022 – Q2 2023, by 10.0% to 22 sales. Low stock explains the increase in prices, due to an imbalance between low supply of stand-alone homes and demand. Sellers may be discouraged by the current cash rate hikes, as it can impact a buyer’s borrowing capacity to purchase in a premium market. However, Tallebudgera proved to be the opposite, with median house price growth continuing despite cash rate hikes.
Average vendor discounts between Q2 2022 and Q2 2023 have rapidly shifted for house types, to a wider discount of -10.6% for houses. Market conditions in Tallebudgera have now shifted to favour buyers, as vendors are willing to accept below the first list price. Q2 2023 recorded one of the highest discounts within the past 24 months, creating an opportunity for buyers.
House rental yields in Tallebudgera was 4.1% in June 2022, slightly higher than Gold Coast Main (3.8%). Median house rental price grew by 2.2% in the past 12 months to Q2 2023, has remained within the $900-$1,100 range throughout late-early 2022/23, with the number of houses rented ranging from 7-12 on a quarterly basis. Average days on the market has remained relatively stable, currently at 24 days. Overall, this suggests a resilient rental market.
2-bedroom houses have provided investors with +45.5% rental growth annually, achieving a median rent of $800 per week.
Tallebudgera recorded a vacancy rate of 2.8% in June 2023, slightly below REIA’s Healthy Benchmark of 3.0% 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 rental demand has slowly increased in the past 6 months, with Q1 and Q2 2023 recording the greatest number of houses rented (12 houses). This suggests a conducive environment for investors.