Whitsundays Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
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.
CHANGE FROM LAST
YEAR
Whitsundays* will see approximately $32.1M new projects commence construction in the 2nd half of 2024.
Residential
$5.0M
HALF YEAR
Commercial
$8.3M
Mixed-Use
$15.2M
HOUSE SALE S
Infrastructure
$3.6M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
These projects will stimulate economic growth and create local job opportunities in Whitsundays*. This will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT S AL E S UNIT ME D IAN PRICE
A main residential project is 422 Shute Harbour Road Residential Subdivision ($5.0M), which will supply 16 lots.
UNIT RE NTAL PRICE
$
Other key projects include: •
Storage Choice Cannonvale Self Storage Facility Stages 1 & 2 ($11.0M, Mixed-use)
•
14-16 Raintree Place Short Term Accommodation Units ($8.0M, Commercial)
•
Hamilton Plains Bore- Flood Works ($2.8M, Infrastructure)
MARKET CONDITIONS MEDIAN PRICE Q2 2024
$773K
$405K
MEDIAN PRICE Q2 2024
$735
SALES
AVERAGE DAYS ON MARKET Q2 2024
48
79
HOUSE
U N I T
RENTALS
$550
AVERAGE DAYS ON MARKET Q2 2024
26
23
HOUSE
U N I T
The only residential project planned only add land lots, which will take time to develop. The lack of new units/apartments and stand-alone dwellings is likely to put upward pressure on the market. Thus, it is highly likely we will see an increase in prices for the rest of 2024.
16 Lots