Whitsundays Property Market Update 2nd Half of 2021

In Q2 2021, Whitsundays recorded a median house price of $515,000, and a median unit price of $290,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 7.6% for houses and 18.4% for units. Between Q2 2020 – Q2 2021 total sales in both markets have increased, by 121.4% for houses (to 62 sales) and by 244.4% for units (to 124 sales). This is a clear indication of increased consumer confidence, with real returns on capital investment as price growth is accompanied by higher transaction volumes. This is an ideal time for homeowners to achieve extraordinary results in their property transactions.

Average vendor discounts between Q2 2020 and Q2 2021 have tightened for both property types, to -2.3% for houses and -1.9% for units. The Whitsundays market is now shifting to favour vendors, where buyers are offering closer to the initial listing price. However, buyers are still encouraged to enter the market, to take advantage of limited discounts available.

In June 2021, house rental yields in Whitsundays were recorded at 5.7%. In the 12 months to Q2 2021, the median house rental price increased by 31.8% to reach $580 per week, while average days on the market declined by -25.9% (to 20 days).

PRD Whitsunday recorded a significantly low average days on the market of 10 days, outperforming the general market.

3- bedroom houses have provided investors with +19.0% rental growth annually, with a median rent of $500 per week.

Also in June 2021, Whitsundays recorded a vacancy rate of 0.5%, below that of Whitsundays LGA (1.3%) and North Coast QLD (0.8%). Vacancy rates in Whitsundays have continue to decline, recording historical lows in the past 6 months, while remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% as the economy recovers. There is healthy rental demand and investors can be confident of a conducive investment environment in Whitsundays.