Labrador Property Market Update 2nd Half 2024
Labrador in Queensland, offers a relaxed beachside lifestyle with easy access to the Broadwater, perfect for outdoor activities like cycling, walking, and swimming. The suburb is also conveniently located near major shopping centres, schools, and medical facilities, making it ideal for families and professionals.
Property Trends
In Q3 2024, Labrador recorded a median house price of $1,000,000, and a median unit price of $690,000. This is an annual (Q3 2023 – Q3 2024) growth of 11.1% for houses and 19.5% for units. Comparing Q3 2023 vs Q3 2024, total sales declined by -18.5% for houses (at 22 sales in Q3 2024) but increased by 18.7% for units (to 165 sales in Q3 2024). This suggests an undersupplied house market and a highly demanded unit market, thus now is an ideal time for owners to transact and capitalize on their investments. The dominant proportion sold in 2024 were in the premium price bracket of above $1.15M for houses (38.5%) and middle price range between $650,000 to $749,999 for units (32.6%). The most affordable price brackets are available, with 9.6% for houses and 16.2% for units, in good news for first home buyers.
Project Development
The Labrador area is set to see approx. $56.6M new projects commence in 2024, solely on residential and infrastructure projects. Key projects include Musgrave Avenue Apartments ($40.0M, 171 Apartments) and 126 Frank Street Social Housing Units ($8.4M, State Government).
Besides the apartments/units, no townhouses or houses are in the pipeline. The small number of units available will address some demand; however, strong demand will highly likely drive prices up.
Rental Market & Growth
House rental yields in Labrador was 3.8% in October 2024, on par with Gold Coast Main (3.7%). This was paired with a 2.0% increase in median house rental price in the past 12 months, at $750 per week, and a 13.9% growth in the number of houses rented (to 41 rentals in Q3 2024).
Vacancy Rates & Property Investment
Labrador had a vacancy rate of 0.7% as of October 2024, which is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%; indicating a quicker occupancy time for rental properties. Overall, the Labrador rental market is highly demanded, which is beneficial for investors.
