Tannum Sands Property Market Update 1st Half of 2022
In Q1 2022, Tannum Sands recorded a median house price of $430,000, and a median unit price of $330,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 5.5% for houses and 50.0% for units. Total sales increased between Q1 2021 – Q1 2022, by 43.7% (to 102 sales) for houses and by 140.0% (to 12 sales) for units. Confidence continues to be evident in Tannum Sands, with properties in high demand. Current market conditions suggest real returns on investment, as median price growth is alongside an increase in sales figures; in particular for the unit market.
Average vendor discounts between Q1 2021 and Q1 2022 are shifting for both property types, to a tighter discount of -1.7% for houses and a wider discount for units (-2.9%) for units. Market conditions in Tannum Sands is in a unique position, as house buyers must be willing to offer closer to the first list price; yet unit buyers can benefit from a greater discount.
House rental yields in Tannum Sands were recorded at 4.8% in March 2022. This was paired with a 20.0% increase in median house rent price (to $420 per week) in the 12 months to Q1 2022, and a -12.2% decrease in the number of houses rented. There was a -12.5% decrease in average days to let, which combined with other factors suggest an undersupplied rental market. In the current market conditions Tannum Sands is an affordable investment alternative to Brisbane Metro.
4+ bedroom houses have provided investors with +17.3% rental growth annually, achieving a median rent of $440 per week.
Tannum Sands recorded a vacancy rate of 1.3% in March 2022, slightly above Brisbane Metro’s 0.7% average. Vacancy rates in Tannum Sands have remained within the 1.5% rate in the past 6 months, indicating stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
