Southport Property Market Update 1st Half of 2024
In Q4 2023, Southport recorded a median house price of $1,062,500, and a median unit price of $585,000. This represents annual (Q4 2022 – Q4 2023) growth of 19.4% (houses) and 6.4% (units). During this time total sales increased for houses, by 11.5% (to 87 sales), and declined for units, by -9.3% (to 438 sales). In the past quarter (Q3 – Q4 2023), median price for houses continue to grow, by 15.5%, but declined for units, by -3.3%. This suggests a highly demanded house market, thus no an ideal time for owners to capitalise on their investment. There now a slightly more affordable unit market, creating an opportunity for first home buyers.
Average vendor discounts between Q4 2022 and Q4 2023 have tightened, to -1.5% for houses and -0.5% for units. There is a shift in market dynamics, one that still favour buyers, but shifting closer to a seller’s market. Buyers now need to offer closer to the first list price. The peak of a discount has passed for houses in Q1 2023 and units in Q4 2022, thus those looking for a discount must act fast.
4-bedroom houses provided investors with +8.6% rental growth annually, of $950 per week.
Southport recorded a vacancy rate of 0.4% in December 2023, well below the Gold Coast City LGA average (1.0%) and Brisbane Metro (1.2%). Vacancy rates in Southport slightly fluctuated in the past 12 months but remained at a very low level. This suggests quicker rental occupancy in Southport and overall high rental demand. This creates a conducive environment for investors, especially with unit prices becoming more affordable in the past quarter (Q3 – Q4 2023).
