Runaway Bay Property Market Report 2nd Half of 2019
In Q2 2019, Runaway Bay recorded a median house price of $800,000 (71 sales), and a median unit price of $510,000 (126 sales). This represents annual (Q2 2018 – Q2 2019) median price growth of 5.3% (house) and 22.3% (unit). During this time total sales slowed, by -33.6% (house) and -46.2% (unit). The Runaway Bay property market has shown capital growth resilience and an underlying supply issue. Increasing property values and less competition in Runaway Bay creates an ideal environment for sellers to act.
Average vendor discount between Q2 2018 and Q2 2019 has widened for both houses and units, to -7.9% and -6.0% respectively. Now is an ideal time to transact in Runaway Bay, as buyers can benefit from discounts whilst sellers can capitalise on positive median price growth. This creates a “win-win” market, which is unique for the Gold Coast.
In the 12 months to Q2 2019 rental demand declined, by -11.7% for houses, but increased for units, by 9.2%. In this time house median rental price strengthened by 9.1% to $600 per week and unit median price slightly softened by -2.3% to $420 per week. This suggests there is an oversupply of unit rentals however undersupply opportunities in house rentals.
2 bedroom houses provided investors with the highest rental growth annually. As of June 2019, Runaway Bay’s rental yields were recorded at 4.3% (houses) and 5.8% (units), on par with Gold Coast Main, and outperforming Brisbane Metro.
Runaway Bay recorded a vacancy rate of 2.4% in June 2019, which sits well below Gold Coast Main (2.7%) and Brisbane Metro (2.5%). This confirms there is a healthier rental demand in Runaway Bay, which is good news for investors.