Tannum Sands Property Market Update 2nd Half 2024
Tannum Sands in Queensland is a coastal paradise with pristine beaches and stunning views, perfect for those who love a relaxed, seaside lifestyle. There is a strong sense of community and access to essential amenities like hospitals, schools, and shopping centres.
Property Trends
In Q3 2024, Tannum Sands recorded a median house price of $530,000, and a median unit price of $330,000. This represents annual (Q3 2023 – Q3 2024) growth of 15.2% for houses, indicating an opportune time for owners to capitalise on their investments. Conversely, unit median price softened by -7.0%, presenting a window for buyers to enter the market. Comparing Q3 2023 and Q3 2024, total sales grew by 13.7% for houses (to 83 sales in Q3 2024) and surged by 60.0% for units (to 24 sales in Q3 2024). This confirms there is an active market with robust demand for both property types. With no new houses planned, the likelihood of further price growth is high.
Project Development
Tannum Sands will see approximately $181.9M of new projects due to commence construction in 2024. A key commercial project is Flinders Village, which plans to build a lifestyle aged-care community precinct. There are no new ready-to-sell residential projects planned for construction in 2024. Thus, there is an absence of new units, townhouses, stand-alone houses. With higher demand, an undersupply is possible in 2025, which will result in higher property prices.
Rental Market & Growth
House rental yields in Tannum Sands were 5.1% in September 2024, well above Brisbane Metro (3.2%). This was paired with an 8.7% increase in median rent price in the past 12 months to Q3 2024, at $500 per week. The number of houses rented declined by -8.2%, to 256 rentals in Q3 2024. Similarly, median unit rent price rose by 11.1% to $400, and the number of units rented declined by -16.5% to 111 units in Q3 2024. This suggests an undersupplied rental market, in good news for investors.
Vacancy Rates & Property Investment
Tannum Sands recorded a vacancy rate of 1.0% in September 2024, above Gladstone LGA’s 0.5% but below Brisbane Metro’s 1.1% average. Vacancy rates in Tannum Sands have declined in the past 12 months, signalling a tighter rental market. Further, a 1.0% vacancy rate is well below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, indicating quicker rental occupancy in Tannum Sands. This suggests there is a conducive environment for investors, especially those looking for a more affordable option than Brisbane Metro.
