Southport Property Market Update 2nd Half 2024
Southport, Queensland, offers a vibrant coastal lifestyle with easy access to stunning beaches and a thriving dining scene. The area also boasts excellent schools and convenient public transport, making it ideal for families and professionals alike.
Property Trends
In Q2 2024, Southport recorded a median house price of $1,100,000, and a median unit price of $671,250. This represents annual (Q2 2023 – Q2 2024) growth of 10.0% for houses and 17.8% for units. During this time sales declined by -1.1% for houses (to 93 sales in Q2 2024) and by -10.9% for units (to 410 sales in Q2 2024). An increase in price alongside a smaller number of sales suggests an undersupplied market, creating a buffer against current cash rates hikes. This creates an opportunity for owners looking to capitalize on their investments. There are no new ready-to-sell houses planned, which suggests that now is an ideal time for buyers to act, before prices increase even higher.
Project Development
Southport is set to see approximately $1.7B worth of new projects commencing in the 2nd half of 2024. These projects will supply units and townhouses only; thus, there is still no new stand-alone houses planned. This will put pressure on prices for all property types.
Rental Market & Growth
House rental yields in Southport were 3.7% as of June 2024, higher than the Gold Coast Main (3.5%) and Brisbane Metro (3.4%). This was paired with a 13.6% increase in median house rental price in the past 12 months to Q2 2024, at $795 per week, and an 8.5% increase (to 140 rentals) in the number of houses rented. This indicates a highly demanded and competitive house rental market, which is good news for investors.
Vacancy Rates & Property Investment
Southport recorded a vacancy rate of 0.9% in June 2024, below Brisbane Metro’s 1.1% and the Gold Coast Main’s average 1.7%. Vacancy rates in Southport increased slightly in the past 12 months, due to investors re-entering the rental market. However, a 0.9% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental properties in Southport and high rental demand. This suggests a conducive and sustainable environment for investors.
