Burleigh Heads Property Market Update 2nd Half 2024
Burleigh Heads offers stunning beaches and a relaxed coastal lifestyle, perfect for those who love outdoor activities. The vibrant community, excellent dining options, and proximity to nature make it an ideal place to call home.
Property Trends
In Q2 2024, Burleigh Heads recorded a median house price of $1,590,000, and a median unit price of $925,000. This represents annual (Q2 2023 – Q2 2024) growth of 15.0% for houses and 5.7% for units. During this time, house sales decreased by -1.1% (to 178 sales in Q2 2024) but remained stable for units (at 287 sales in Q2 2024). This suggests an undersupply in the housing market and a highly demanded unit market, creating a buffer against higher interest rates and resulting in price growth. Now is the time for owners to capitalise on their investments, especially houses. The unit market offers a slower-paced price growth, creating an opportunity for buyers.
Project Development
Burleigh Heads will see approximately $221.6M of new projects commencing in the 2nd half of 2024. Although there are several residential projects planned, these are focused solely on adding new units. There are no plans for townhouses or stand-alone dwellings, which will put more pressure on house prices.
Rental Market & Growth
House rental yields in Burleigh Heads were 3.3% as of June 2024, slightly below the Gold Coast (3.5%) and Brisbane Metro (3.4%). However, median house rental price increased by 7.3% in the past 12 months to Q2 2024, at $1,100 per week, and the number of houses rented (to 100 houses in Q2 2024) increased by 2.0%. Average days to rent on the market declined by -14.8%, to a low of 23 days. This suggests a highly demanded rental market.
Vacancy Rates & Property Investment
Burleigh Heads recorded a vacancy rate of 1.5% in June 2024, below the Gold Coast City LGA average (1.7%) but higher than Brisbane Metro (1.1%). Vacancy rates have increased over the past 12 months, due to investors re-entering the rental market. Despite this, a 1.5% vacancy rate is still well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, indicating a tight rental demand and quicker occupancy of rental properties in the Burleigh Heads market. This creates a conducive and sustainable environment for investors.
