Southport Property Factsheet 1st Half of 2018
The combined suburbs of Southport, Labrador and Biggera Waters recorded a median house price of $581,750 and $370,000 for units in Q4 2017, representing an annual price change of 4.5% and 0.1% respectively. Over the same period of time, median house prices in Gold Coast LGA has grown by 4.9% to $645,000, while median unit price remained stable at $415,000. In comparison to the Gold Coast LGA, the combined suburbs of Southport, Labrador and Biggera Waters provides the unique combination of a more affordable option, yet with on par (for house) or higher (for units) capital growth.
Between Q4 2016 and Q4 2017, average vendor discount for houses has tightened to -4.4%, suggesting buyers are more willing to offer closer to first list asking price. The time for house owners to sell is now. Over the same period average discount for units has widened to -4.8% and average days on market has declined to 88 days. This indicate unit buyers are actively looking to secure their dream properties and sellers are slightly more willing to negotiate in first list asking price, facilitating a quicker sales turnover.
Median weekly rents in the combined suburbs of Southport, Labrador and Biggera Waters has grown by 7.1% for houses (to $493p/w) and by 1.3% for units (to $395p/w) over the past twelve months to Q4 2017. Low average vacancy rates of 1.5% in December 2017 is similar to that of Gold Coast Main’s 1.2%, which continues to demonstrate the strong rental demand in the area,. Astute investors are benefiting from 4.4% (houses) and 4.9% (units) rental yield, similar to that of Gold Coast’s Main’s 4.3% (houses) and 5.4% (units).Southport, Labrador and Biggera Waters are set to see approx. $221.8M of new projects commencing in the 1st half of 2018. Residential accounted for the majority of development value (42.9%), totaling an estimated $95.2M. This was followed by commercial at approx. $83.5M (37.7%), mixed-use projects ($40.0M, or 18.0%), and infrastructure projects ($3.1M or 1.4%).