Runaway Bay Property Factsheet 1st Half of 2019
Runaway Bay recorded a median house price of $757,000 and $403,000 for units in Q4 2018. This represented an annual (Q4 2017-Q4 2018) median price softening of -12.5% for houses and -13.3% for units. Compared to the Runaway Bay 2nd half 2018 Research Factsheet, which reported an annual (Q2 2017 – Q2 2018) price change of 19.8% (house) and -13.7% (units), houses in Runaway Bay have become more affordable. Now is an ideal time for first home buyers to tap into the market and take advantage of a softening market.
Annual (Q4 2017-Q4 2018) median house prices also softened in the wider Gold Coast Main Local Government Area (LGA), by -1.5% to $645,000. That said it has strengthened by 1.2% to $430,000 for units. When compared to the LGA, houses Runaway Bay remains a premium market from a sales entry price perspective, whereas units are more affordable.
Average vendor discounting has largely widened over the past 12 months to Q4 2018. Average vendor discounting for houses have further widened towards the buyer’s favour, from -4.7% in Q4 2017 to -7.7% in Q4 2018. This further confirms that now is an ideal time to enter the market.Median house rental prices in Runaway Bay held between Q4 2017 - Q4 2018, at $550 per week. Median unit rent prices strengthened, by 3.0% to $443 per week. Investors are benefitting from quick rental uptake in this high-demand market, as vacancy rates in Runaway Bay were at a low 1.9% in December 2018. This is on par with the Gold Coast LGA average (1.8%) but well below the Brisbane Metro average (3.2%), indicating a healthier rental market demand.