Tannum Sands Property Market Update 2nd Half of 2022
In Q3 2022, Tannum Sands recorded a median house price of $455,000, and a median unit price of $437,500. This represents annual (Q3 2021 – Q3 2022) median price growth of 11.0% for houses and 98.9% for units. That said, on a quarter by quarter basis (Q2 2022 – Q3 2022), median price grew by a lower rate, of 4.6% (houses) and 13.6% (units). This reflects interest rate hikes now translating into the market. Total sales decreased annually and quarterly, with Q3 2022 recording the lowest number (50 house sales and 10 unit sales). This suggests there is still an undersupply, but at the same time cautious buyers.
Average vendor discounts between Q3 2021 and Q3 2022 have tightened to -1.0% for houses and widened to -3.9% for units. This creates opportunities for the two market. House sellers can benefit from a final sale price that is closer to their first list price, whereas unit buyers can now benefit from a higher discount than previous.
House rental yields in Tannum Sands was recorded at 4.7% in September 2022, above Brisbane Metro (3.6%). In the 12 months to Q3 2022, median house rental price increased 20.5% to reach $470 per week whilst the number of houses rented declined by -30.3%. Average days on the market declined to a low 17 days. Overall, this represents an undersupplied rental market in Tannum Sands, which has a more affordable investment entry price compared to Brisbane Metro.
3 bedroom houses have provided investors with +11.4% rental growth annually, achieving a median rent of $390 per week.
Tannum Sands recorded a vacancy rate of 1.0% in September 2022, which is slightly above Brisbane Metro’s 0.7%. That vacancy rates in Tannum Sands have reflected an overall declining pattern for the past 12 months, remaining within the 1.5% rate. This suggests quicker occupancy of rental properties. These key indicators create a conducive and sustainable environment for investors, particularly with the median house price downturn in the past quarter (between Q2 – Q3 2022).
