Southport Property Factsheet 1st Half 2019
Southport recorded a median house price of $605,000 and $367,500 for units in Q4 2018. This is an annual (Q4 2017-Q4 2018) median price growth of 0.4% for houses and a softening of -3.9% for units. Compared to the Southport 2nd half 2018 Research Factsheet, which reported an annual (Q2 2017 – Q2 2018) median price change of 3.9% (house) and -4.7% (units), units in Southport have slightly strengthened in value and houses have become more affordable. Overall this represents a resilient market and an ideal environment for buyers.
Annual (Q4 2017-Q4 2018) median house prices softened in the wider Gold Coast Main Local Government Area (LGA), by -1.5% to $645,000. That said it has strengthened by 1.2% to $430,000 for units. When compared to the LGA, Southport property prices are more affordable, and in the case for houses provide greater capital growth.
Average vendor discounting has remained relatively stable over the past 12 months to Q4 2018, favouring buyers. That said average vendor discounting for houses have slightly tightened towards the seller’s favour, from -4.3% in Q4 2017 to -3.8% in Q4 2018. Whereas for units it has slightly widened from -5.4% in Q4 2017 to -5.6% in Q4 2018, which continues to benefit buyers.
Southport median house rental prices softened over the past 12 months to Q4 2018, by -4.0% to $480 per week. However, it strengthened for units by 5.0% to $420 per week. Investors are benefitting from quick rental uptake in this high-demand market, as vacancy rates in Southport have declined over the past 6 months, to 2.1% as of December 2018. Although slightly higher than Gold Coast LGA vacancy rates (1.8%), it is well below that of Brisbane Metro (3.2%).