Peregian Springs PRD Market Update 2nd Half of 2019

In Q3 2019, Peregian Springs recorded a median house price of $626,000 and a median unit price of $565,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -3.7% for houses and a price growth of 7.6% for units. At the same time total sales slowed, down by -54.3% for houses to 16 sales and by -58.8% for units to 14 sales. Houses are now more affordable, and with less competition makes it an ideal market for first home buyers.

Average vendor discount between Q3 2018 and Q3 2019 has widened for houses to -2.4% and remained stable for units at -2.7%. House market conditions in Peregian Springs continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.

Over the past 12 months house rental yields in Peregian Springs significantly increased, to reach 4.2% in June 2019. The house rental market is becoming healthier, especially as house median rental price increased by 9.0% to $545 per week. Investors are encouraged to take this opportunity to invest in Peregian Springs.

2 bedroom houses have provided investors with +14.1% rental growth annually, achieving a median rent of $425 per week. This said, 2 bedroom houses make up a small volume of all rental stock, with 3 and 4 bedroom being the dominant types

Peregian Springs recorded a vacancy rate of 2.1% in June 2019, sitting below the Real Estate Institute of Australia (REIA) healthy vacancy rate bench mark of 3.0%. This confirms a healthy rental demand exists for properties in Peregian Springs.