Southport PRD Property Market Report 2nd Half 2019
In Q2 2019, Southport recorded a median house price of $560,000 (59 sales), and a median unit price of $372,000 (95 sales). This represents annual (Q2 2018 – Q2 2019) median price softening of -3.8% (houses) and strengthening of 2.8% (units). In this time sales slowed, by -27.2% (houses) and -46.4% (units). The house market has become more affordable, ideal for first time home buyers. The unit market is now under-supplied, an opportunity for owners to sell.
Average vendor discount between Q2 2018 and Q2 2019 has widened for houses, to -7.5%, and slightly tightened for units, to -6.1%. The housing market conditions in Southport have continued to favour buyers, with Q2 2019 recording the highest level of discount to date. Unit sellers are still offering discounts, however at a lesser extent compared to houses.
Over the 12 months to Q2 2019 rental demand increased by 4.3% for houses and 14.7% for units. The median house rental price remained stable during this period, which suggests despite an increased preference for renting the market remained resilient. This is good news for investors currently in the market and those wanting to enter the market.
4 bedroom+ houses provided investors with the highest rental growth annually. As of June 2019, Southport’s rental yields were recorded at 4.5% (houses) and 5.7% (units), on par with Gold Coast Main and outperforming Brisbane Metro.
Southport recorded a 2.2% vacancy rate in June 2019, which represents a declining trend in the past 12 months. It also sits below Gold Coast Main (2.7%) and Brisbane Metro (2.5%), confirming there is a healthier rental demand in Southport.