Southport Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Southport* recorded a median house price of $1,100,000, and a median unit price of $671,250. This represents annual (Q2 2023 – Q2 2024) growth of 10.0% for houses and 17.8% for units. During this time sales declined by -1.1% for houses (to 93 sales) and by -10.9% for units (to 410 sales). An increase in price alongside a smaller number of sales suggests an undersupplied market, creating a buffer against current cash rates hikes. This is especially true for the unit market, creating an opportunity for owners looking to capitalize on their investments. There is no new ready-to-sell houses planned, which suggests that now is an ideal time for buyers to act, before prices increase even higher.
YEAR
CHANGE FROM LAST
Southport* is set to see approximately $1.7B worth of new projects commencing in the 2nd half of 2024. Commercial Residential
$172.9M
Industrial
$41.5M
$2.0M
HALF YEAR
HOUSE SALE S HOUS E ME D IAN PRICE
Mixed-Use
$1.5B
HOUS E RE NTAL PRICE
UNIT S AL E S
These projects will stimulate economic growth and create local job opportunities in Southport*. This will have a spill-over impact on the real estate market, in the form of more demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
A main mixed-use project in the 1st half of 2024 is Harbour Shores Mixed Use Development Southern Precinct Stage 1 ($1.5B). The project will add 131 apartments and 18 villas units and retail tenancies in 7 buildings.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$1.1M
$671K
MEDIAN PRICE Q2 2024
$795K
SALES
AVERAGE DAYS ON MARKET Q2 2024
52
40
HOUSE
U N I T
RENTALS
$650K
Key residential projects include:
AVERAGE DAYS ON MARKET Q2 2024
24
20
HOUSE
U N I T
•
Musgrave Avenue Apartments (171 Apartments)
•
Marine Quarter Stage 2 - Scenic Tower (158 Apartments)
•
42 Allan Street Villas (13 Villas)
These projects will supply units and townhouses only; thus, there is still no new stand-alone houses planned. This will put pressure on prices for all property types. Buyers should act fast.
588 Units/ Apartments
37 Townhouses