Runaway Bay Research Factsheet 1st Half 2018
The Runaway Bay (postcode 4216) market recorded a median house price of $810,000 and $462,500 for units in Q4 2017, representing an annual price change of 8.0% and 3.2% respectively. Over the same period of time (Q4 2016 – Q4 2017), house prices in the Gold Coast City LGA grew by 4.9% to $645,000 while unit prices remained stable at $415,000. Compared to the Gold Coast City LGA, Runaway Bay property market is a premium and sought-after market, with owners-occupiers and investors benefiting from stronger capital growth.
The Runaway Bay house market continues to be buyer’s market where the average vendor discounts for houses sales has remained stable at -4.1%, while average days to sell for houses has increased slightly to 67 days. Sellers are willing to continually negotiate on first list price, thus buyers need to act now.
Median weekly rent prices have softened slightly to $543/week for houses and to $428/week for units over the past 12 months to Q4 2017. That said, investors can still be assured of strong rental demand as demonstrated with low vacancy rates, currently sitting at 1.6% in December 2017. Rental yields of 4.0% (houses) and 5.1% (unit) provide savvy investors with profitable returns, confirming Runaway Bay as a desirable location for investment.Runaway Bay is set to see approx. $24.8M of new projects commencing in the 1st half 2018. This includes residential (56.5%) and commercial projects (43.5%). Commercial projects in Runaway Bay will provide spill-over effects such as local job creation, further stimulating the economy. This will have a positive spill-over effect on the property market.