Southport Property Market Update 1st Half of 2022

In Q4 2021, Southport recorded a median house price of $882,500, and a median unit price of $476,500. This represents annual (Q4 2020 – Q4 2021) median price growth of 28.1% for houses and 20.6% for units. Between Q4 2020 – Q4 2021 total house sales remained stable, at 132 sales, whereas unit sales increased by 33.2% (to 751 sales). Owner occupiers and down-sizers can benefit from real returns on capital investment, as median price growth is alongside higher or stable number of sales. The ready-to-sell house market is still undersupplied, thus now is the time to transact.

Average vendor discounts between Q4 2020 and Q4 2021 have swung to a premium for both property types, to 0.6% for houses and 1.3% for units. Southport market conditions have now shifted to favour sellers, where buyers must offer above the first listing price.

In December 2021, house rental yields in Southport were recorded at 4.2%. In the 12 months to Q4 2021, the median house rental price increased by 21.6% to reach $620 per week, while average days on the market declined by -5.3% (to 18 days); thus, indicating a resilient rental market.

3 bedroom houses have provided investors with +16.7% rental growth annually, with a median rent of $572 per week.

Also in December 2021, Southport recorded a vacancy rate of 0.4%, below that of Gold Coast LGA (0.6%) and Brisbane Metro (1.3%). Vacancy rates in Southport have trended below 1.0% for the past 12 months and remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even throughout COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Southport.