Southport Property Market Update 2nd Half of 2023
In Q2 2023, Southport recorded a median house price of $980,000, and a median unit price of $560,000. This represents annual (Q2 2022 – Q2 2023) growth of 5.9% and 5.7% for houses and units respectively. Total house sales increased between Q2 2022 – Q2 2023, by 22.7% (to 92 sales) and declined by -21.6% for units (to 455 sales). In the past quarter (Q1 – Q2 2023) median house price continued a growth trajectory, at 6.5%, whilst units remained stable. This suggests a highly demanded house market and an undersupplied unit market, creating an opportunity for sellers and developers.
Average vendor discounts between Q2 2022 and Q2 2023 have shifted to a lower discount of -1.2% for houses and -1.0% for units. The market conditions in Southport continue to favour buyers, as vendors are willing to accept below the initial listing price. However, Q2 2023 average vendor discount are tighter than the past 6 months, thus buyers must act fast.
House rental yields in Southport was 3.8% in June 2023, on par with Gold Coast Main. This was paired with a 1.4% median house price growth (to $700 per week) in the past 12 months to Q2 2023, alongside a 6.2% increase the number of houses rented (up to 155 rentals). The unit rental market shows a similar trend, with the median unit price and number of units rented increasing by 18.9% (to $630 per week) and 37.1% respectively. This suggests a highly demanded rental market.
2-bedroom houses have provided investors with +8.2% rental growth annually, achieving a median rent of $595 per week.
Southport recorded a vacancy rate of 0.6% in June 2023, which is below Gold Coast Main (1.6%) and Brisbane Metro (1.0%) average. Vacancy rates in Southport grew slightly in the past 12 months, due to investors returning and capitalising on the tight market. However, 0.6% vacancy rate is still a very low reading. This creates a conducive and sustainable environment for investors, despite the current increase in median sale prices of property across over the past 12 months.
