Southport Property Market Update 2nd Half 2021

In Q2 2021, Southport recorded a median house price of $730,000, and a median unit price of $429,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 23.2% for houses and 11.4% for units. Between Q2 2020 – Q2 2021 total sales in both markets have increased, by 76.3% for houses (to 134 sales) and by 130.1% for units (to 626 sales). This is a clear indication of increased consumer confidence, with real returns on investment as price growth is accompanied by higher transaction volumes. This should encourage vendors to transact, as demand is exceeding supply levels.

Average vendor discounts between Q2 2020 and Q2 2021 have tightened for both property types, to -0.1% for houses and -1.6% for units. Southport has now shifted to favour vendors, where buyers must offer much closer to the initial listing price. There is still a discount for buyers, however extremely limited.

In June 2021, house rental yields in Southport were recorded at 4.8%. In the 12 months to Q2 2021, the median house rental price increased by 16.8% to reach $578 per week, while average days on the market declined by -28.6% (to 20 days). These figures indicate a surge in investment returns, inviting astute investors to enter the market.

3 bedroom houses have provided investors with +14.6% rental growth annually, with a median rent of $550 per week.

Also in June 2021, Southport recorded a vacancy rate of 0.5%, below that of Gold Coast Main (0.7%) and well below Brisbane Metro (1.3%). Vacancy rates in Southport have continue to decline and remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, as the economy recovers from COVID-19. There is a sustainable healthy rental demand and investors can be confident of a conducive investment environment in Southport.