Whitsunday Property Factsheet 1st Half of 2019

Whitsundays recorded a median house price of $445,000 and $222,500 for units in Q4 2018. This represented an annual (Q4 2017-Q4 2018) price softening of -3.3% for houses and -9.2% for units. Compared to the Whitsundays 2^nd half 2018 Research Factsheet, which reported an annual (Q2 2017 – Q2 2018) price change of -0.6% (house) and -28.9% (units), houses in Whitsundays have become more affordable while units have strengthened in value. Now is also an ideal time for first home buyers to take advantage of Whitsundays’ softening market.

Annual (Q4 2017-Q4 2018) median house prices also softened in the Whitsunday Shire Local Government Area (LGA), by -8.9% to $370,000. Median unit prices also softened, by -19.9% to $176,250.  When compared to the LGA, Whitsundays is a premium market, both from a higher median entry price and capital growth perspectives. 

Average vendor discounting for houses have further widened, from -4.9% in Q4 2017 to -6.5% in Q4 2018. This suggests that house buyers can further negotiate from the first list asking price. In line with a strengthening unit values (as a comparison between 2^nd half 2018 and 1^st half 2019 median price growth) the average vendor discount for units have slightly tightened, from -5.5% in Q4 2017 to -5.0% in Q4 2018.

Whitsundays is set to see approx. $265.0M worth of new projects commencing in the 1st half of 2019. Mixed-use projects (97.5%, $258.5M) account for most of the development value. A key project is the Shute Harbour Resort Marine and Residential Development ($252.0M). This project is set to add a resort, marina, shops, offices and 52 lots residential subdivision.