Tallebudgera Property Market Update 1st Half 2024
In Q4 2023, Tallebudgera recorded a median house price of $1,600,000. This represents annual (Q4 2022 – Q4 2023) growth of 10.7% for houses. During this time house sales increased, by 6.3% to 17 sales. Yearly data suggest a resilient market, due to high demand in a small market. This creates an opportunity for those who have waited to enter the Tallebudgera market – now is the time to act.
Average vendor discounts between Q4 2022 and Q4 2023 have tightened, to -5.2% for houses. There is a shift in market dynamics, one that still favour buyers, but shifting closer to a seller’s market. Buyers now need to offer closer to the first list price. The peak of a discount has passed for houses, in mid-late 2022, thus those looking for a discount must act fast.
House rental yields in Tallebudgera was 4.3% as of December 2023, higher than Gold Coast Main (4.0%) and Brisbane Metro (3.6%). This was due to the significant median house rental price growth in the past 12 months, of 30.0%, outpacing median house sales price growth, of 10.7%. Q4 2023 median house rental price reached $1,300 per week, and the number of houses rented doubled (to 6 rentals). The average days on the market decreased to a historical low level of 14 days. Thus, there is a highly demanded and competitive house rental market.
3-bedroom houses have provided investors with +5.6% rental growth annually, achieving a median rent of $950 per week.
Tallebudgera recorded a vacancy rate of 2.9% in December 2023, slightly below REIA’s Healthy Benchmark of 3.0% average. Vacancy rates in Tallebudgera have heavily fluctuated over the past 12 months, due to the very small size of the rental market and investors entering the market. Overall, a 2.9% vacancy rate in a small rental market confirm there is a healthy rental demand, and investors can be confident of a conducive investment environment in Tallebudgera.
