Whitsunday Property Market Update 1st Half of 2024
In Q4 2023, Whitsundays recorded a median house price of $750,000, and a median unit price of $345,000. This represents an annual (Q4 2022 – Q4 2023) price growth of 14.1% for houses and 4.1% for units. That said on a quarterly basis (Q3 – Q4 2023), median house price grew by 1.0% and median unit price softened by -12.7%. In the 12 months to Q4 2023 house sales increased by 5.0% (to 63 sales) but declined by -2.1% (to 92 sales) for units. Latest quarterly data suggests a more balanced market, as although there is higher demand property prices grew at a slower pace. There is a more affordable unit market, in good news for buyers.
Average vendor discounts between Q4 2022 and Q4 2023 have tightened for both houses and units, to -2.4% and -2.2% respectively. This is the tightest discount recorded for both in 2023. The peak for a discount has passed for both types (in mid-2023). Market conditions in Whitsundays still favour buyers, as final sale prices are still below the first list price. Buyers looking for a more affordable option must act fast.
House rental yields in Whitsundays was 6.1% as of December 2023, on par with QLD North Coast’s 6.0%. Median house rental price remained stable at $750 per week in the past 12 months to Q4 2023, however, the number of houses rented grew by 20.0% (to 48 houses). The unit market saw a 31.0% increase in median rent, to $550per week, with 11.1% more units rented. Overall, this suggests a highly demanded rental market, which is beneficial for investors.
3-bedroom houses have provided investors with +21.4% rental growth annually, achieving a median rent of $680 per week.
Whitsundays recorded a vacancy rate of 1.2% in December 2023, on par with QLD North Coast (1.2%) but well below Whitsundays LGA’s 3.0%. Vacancy rates increased in the past 12 months, due to investors re-entering the market. That said a 1.2% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus quicker occupancy of properties. This confirms there is still a conducive investment environment in Whitsundays, especially with a slightly more affordable market in the past quarter to Q4 2023.
