Tannum Sands Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Tannum Sands* recorded a median house price of $530,000, and a median unit price of $330,000. This represents annual (Q3 2023 – Q3 2024) growth of 15.2% for houses, indicating an opportune time for owners to capitalize on their investments. Conversely, unit median price softened by -7.0%, presenting a window for buyers to enter the market. Comparing Q3 2023 and Q3 2024, total sales grew by 13.7% for houses (to 83 sales) and surged by 60.0% for units (to 24 sales). This confirms an active market with robust demand for both property types. With no new houses planned, the likelihood of further price growth is high.
CHANGE FROM LAST
YEAR
Tannum Sands£ will see approximately $181.9M of new projects commencing construction in 2024. Mixed-Use
$1.8M
HALF YEAR
HOUSE SALE S
Infrastructure
$86.3M
HOUSE ME DIAN PRICE
Commercial
$86.0M
HOUSE RE NTAL PRICE Industrial
$7.8M
UNIT SALE S
A key commercial project is Flinders Village. Spread across 5.3ha, it will have 100 two- and three-bedroom retirement living villas, a 104-bed residential aged care facility and community facilities. Stage 1 civils works is due for completion in 2024.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$530K
$330K
MEDIAN PRICE Q3 2024
$500
SALES
AVERAGE DAYS ON MARKET Q3 2024
Other key projects include: •
Lots 1 & 3-5 Red Rover & Lots 2 & 3 Meegan Roads Industrial Stages 15 Subdivision ($7.8M, Industrial)
25
25
HOUSE
U N I T
•
KFC Fast Food Outlet Clinton ($4.0M, Commercial)
AVERAGE DAYS ON MARKET Q3 2024
•
6-8 Warne Street Industrial Sheds Stages 1 & 2 ($1.8M, Mixed-Use)
RENTALS
$400
Another key project in 2024 is the State Government’s Gladstone Training Centre And Transmission Hub project, which will construct a mixed-use development to comprise 2 warehouses & ancillary office, a 2storey training centre and workshop.
18
17
HOUSE
U N I T
To date, there are no new residential projects planned for construction in 2024. Thus, there is an absence of new units, townhouses, stand-alone houses. With higher demand an undersupply is possible in 2025, which will result in higher property prices.