Tannum Sands Property Market Update 1st Half of 2021

In Q1 2021, Tannum Sands recorded a median house price of $377,000, and a median unit price of $180,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 10.9% for houses, however units softened by -12.2%. Between Q1 2020 – Q1 2021 total sales increased for house, up by 2.3% (to 45 sales), however remained stable for units at 4 sales. There are real returns in capital investment in the house market, as price growth occurred alongside an increase in sales activity. Thus, an ideal time to transact. First home buyers are encouraged to take this affordable opportunity within the unit market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -3.2% for houses and -0.6% for units. Market conditions are now shifting towards a seller’s market, as sellers are achieving final sale prices closer to their first list price. Buyers still benefit from a discount, however limited.

In March 2021, house rental yields in Tannum Sands were recorded at 4.7%. In the 12 months to Q1 2021, the median house rental price increased by 6.9% to $350 per week, alongside average days on the market declining by -13.6% (to 20 days). Current figures represent a strong rental market, with demand for more investors.

3 bedroom houses have provided investors with +14.3% rental growth annually, with a median rent of $320 per week.

Also in March 2021, Tannum Sands recorded a low vacancy rate of 1.6%, above that of Gladstone LGA (1.0%) and generally on par with Brisbane Metro (1.5%). Vacancy rates in Tannum Sands have declined since April 2020, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. There is high rental demand in the area, creating an ideal opportunity for investors to enter the Tannum Sands market.