Whitsundays Property Market Update 2nd Half of 2022
In Q2 2022, Whitsundays, which in this report encapsulates postcode 4802, recorded a median house price of $625,000, and a median unit price of $330,000. Between Q2 2021 – Q2 2022 median price grew by 22.5% for houses and 3.1% for units, whilst total sales increased by 6.6% (to 81 sales) for houses and decreased by -13.8% for units (to 119 sales). Owners can benefit from real returns on investment, as median price growth is alongside higher sales numbers for houses; and there is an undersupply of units. Current high demand and undersupply can create a buffer in a rising cash rate environment.
Average vendor discounts between Q2 2021 and Q2 2022 have shifted for both property types, widening for houses to -3.0% for houses and tightening to -2.2% for units. Market conditions in Whitsundays is somewhat split, as house buyers can benefit from a slightly higher discount however unit buyers must offer closer to the first list price. This creates unique opportunities for first home buyers looking to enter the market.
Over the past 12 months, house rental yields in Whitsundays increased to sit at 6.1% in June 2022. Between Q2 2021 – Q2 2022 median house rental price increased by 9.0% and new house leases increased by 36.1%. Average days on the market declined by -30.0%, to 14 days, which signified high demand. Thus overall, with a more affordable property price compared to most capital cities, the Whitsundays represents a strong investment opportunity.
4+ bedroom houses have provided investors with +29.3% rental growth annually, achieving a median rent of $750 per week.
Whitsundays recorded a vacancy rate of 0.3% in June 2022, below the North Coast and Brisbane Metro average (0.6%). Vacancy rates in Whitsundays have significantly decreased post-COVID-19 peak in May 2022 and trended within 1.0% over the past 12 months. This indicates quicker occupancy and stability in demand. These indicators suggest a conducive and sustainable environment for investors, despite the increase in median property sale prices over the past 12 months.
