Whitsundays Property Market Update 1st Half of 2022
In Q4 2021, the Whitsundays recorded a median house price of $540,000, and a median unit price of $315,000. This represents annual (Q4 2020 – Q4 2021) median price growth of 19.5% for houses and 8.6% for units. Between Q4 2020 – Q4 2021 total sales in both markets increased, up by 37.0% for houses (to 100 sales) and by 67.0% for units (to 162 sales). Current owner occupiers can benefit from real returns on capital investment, as median price growth is alongside higher sales numbers. Ready-to-sell houses are in low supply, creating an opportunity for developers to enter the market.
Average vendor discounts between Q4 2020 and Q4 2021 have tightened for both property types, to -1.8% for houses and -3.5% for units. Market conditions in Whitsundays have now shifted to favour sellers, where buyers are willing to offer closer to the first list price.
In December 2021, house rental yields in the Whitsundays were recorded at 6.0%. In the 12 months to Q4 2021, the median house rental price increased by 13.7% to reach $555 per week, while average days on the market remained at a low 19 days: thus indicating resilient rental market.
4+ bedroom houses have provided investors with +21.2% rental growth annually, with a median rent of $600 per week.
Also in December 2021, the Whitsundays recorded a vacancy rate of 0.5%, below that of the Whitsunday Regional LGA (0.8%) and North Coast Queensland (1.0%). Vacancy rates in Whitsundays have trended within 1.0% for the past 18 months and remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Whitsundays.
