At number 185th in the list of Australian suburbs ordered by increase in median house value over the last year, Elliott Heads, 4670 is in the top 10% with a property value increase of 33.86% recorded in median house prices.
Elliott Heads,4670 has offered an average of 33.86% return per annum in house price rises to property investors over the last three years.
Our latest figures would indicate that property sellers in Elliott Heads are currently offering property investors an average price cut of -4.50% below the asking price at the moment.
In the last year 53 properties changed hands in Elliott Heads, which puts it as the 557th most active market in QLD when comparing the number of sales per suburb.
With the median price for a house in Elliott Heads being $425000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 4.28%
Information supplied by:
Median house price: $312,500
Stock on market: 117.2%
12-month growth: 12.5%
Elliott Heads highlights how the affordability of Queensland suburbs has enabled these areas to stave off declines in the face of excessive supply.
This suburb is an example of the oversupply issue observed in the regional market, with stock on market recording a 117% rise, according to Real Estate Investar. These properties are all detached houses, thus supporting the call to halt construction approvals until established homes can be occupied.
However, despite this staggering increase in supply, the average vacancy rate inched upward by only 0.23% over a 12-month period, suggesting that demand is adequate to cover the excess for most part. This may be ascribed to the low prices of homes, low interest rates and an increased grant, which could have spurred market activity especially among first-home buyers.
House prices soared by nearly 13%, as per CoreLogic, and the high rental yield of 4.5% could also be inviting investors into the market.