Whitsunday Property Market Update 2nd Half 2024
Whitsunday in Queensland is renowned for its breathtaking Great Barrier Reef views and serene tropical islands, making it an idyllic location for those seeking a peaceful paradise. Its vibrant community and outdoor lifestyle offer the perfect setting for both adventure and relaxation.
Property Trends
In Q2 2024, Whitsundays recorded a median house price of $773,000, and a median unit price of $405,000. This represents an annual (Q2 2023 – Q2 2024) price growth of 17.1% for houses and 9.5% for units. Comparing Q2 2023 vs Q2 2024 house sales decreased, by -10.5% (to 51 sales in Q2 2024) for houses, indicating an undersupply. In contrast, unit sales increased by 4.3% (to 97 sales in Q2 2024), suggesting a highly demanded market. Combined, this created a buffer against current cash rate hikes, resulting in price growth. Now is an ideal time for owners to capitalize on their investments, especially house owners. With very little new ready-to-sell stock planned for the rest of 2024 now is the time for buyers to enter the market, before prices increase even further.
Project Development
Whitsundays will see approximately $32.1M new projects commence construction in the 2nd half of 2024. The only residential project planned only add 16 land lots, which will take time to develop. The lack of new units/apartments and stand-alone dwellings is likely to put upward prices pressure on the market for the rest of 2024.
Rental Market & Growth
House rental yields in Whitsundays was 5.3% as of June 2024, slightly below the 5.8% average for the Whitsundays LGA and QLD North Coast. That said median house rental price grew by 2.8% in the past 12 months to Q2 2024, to $735 per week. During this time the number of houses rented declined by -7.4% (to 50 rentals in Q2 2024), suggesting an undersupply. The unit rental market is strong, with rents stable at the peak level of $550 per week and a 31.6% increase in the number of units rented. There is a highly demand and competitive market, which is beneficial for investors.
Vacancy Rates & Property Investment
Whitsundays recorded a vacancy rate of 1.5% in June 2024, slightly higher than the Whitsundays (1.2%) and QLD North Coast (0.9%). Vacancy rates has increased in the past 12 months, due to investors re-entering the market. However, a 1.5% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus quicker occupancy of rental properties. This confirms there is still a conducive investment environment in Whitsundays.
