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Whitsunday Area Property Watch Q2 2014 The following Property Watch report analyses historical and current trends of the Whitsunday Area, as defined by the suburbs within the 4802 postcode. This report will focus upon the house, vacant land and unit markets within the area. The Whitsunday Area property market has undergone a period of steady recovery over the past few years following the Global Financial Crisis. Sales activity in the house and vacant land markets has been gradually improving, although sales in the half year to Mar 2014 fell slightly due to a temporary lull in new residents and stock coming on to the market.

Whitsunday Area House and Vacant Land Sales Cycle House Sales

Land Sales

House Median

Whitsunday Area House Price Points 2010 MAR

Land Median

250

$600,000

Overview

$500,000

52

62

46

$400,000

45

25

150

47

21 29

44

100 142 112

144

116

137

146

41

33 41

32

50

$300,000

31

48

31

20

$200,000

40

26

105 91

82

85

72

71

69

61

15%

$550,000 to $599,999

6%

5%

$500,000 to $549,999

5%

$450,000 to $499,999

8%

15%

$400,000 to $449,999

19%

$350,000 to $399,999

30

108

13%

2012 MAR

2013 MAR

15%

12%

5%

7%

14%

7%

5%

12%

15%

11%

13%

17%

2014 MAR

10%

13%

16%

15%

17%

$168,500

19

138

Price point

$465,000

Median sale price

Number of sales

200

2011 MAR

At least $600,000

64

72

14%

15%

11%

15%

16%

$100,000

84 63

$300,000 to $349,999

54

3%

11%

13%

12%

9%

2013 SEP

2014 MAR

2012 SEP

2013 MAR

2011 SEP

2012 MAR

2010 SEP

2011 MAR

2009 SEP

2010 MAR

2008 SEP

2009 MAR

2007 SEP

2008 MAR

2006 SEP

2007 MAR

2005 SEP

2006 MAR

2004 SEP

2005 MAR

$0 2004 MAR

0

Half year period

Heading However enquiry levels are up, as the drivers of population growth in the area, mining and construction, begin to improve after a recent decline. The median house price for the Whitsunday Area was recorded at $465,000 in the half year to Mar 2014, an increase of 9.4 per cent compared to the year before. Taking a closer look at the House Price Points Chart, there has been a notable decrease in sub-$350,000 and increase in $450,000-$550,000 price points, with this compositional change the catalyst for the recent median price increase. Varying types of vacant land are available for purchase in the Whitsunday Area, from standard sized blocks to large acreage and waterfront lots. On average vacant land in the area remains quite affordable, with the median price for vacant land recorded at $168,500 for the six months ending Mar 2014, up 8.7 per cent on the same period a year ago.

Less than $300,000

26%

0%

18%

20%

40%

21%

15%

60%

80%

12%

100%

Proportion of total sales

Quick Stats – Half Year to Mar 2014 Whitsunday Area Median House Price Annual Price Change

$465,000 +9.4%

Median Land Price

$168,500

Annual Price Change

+8.7%

Median Unit Price Annual Price Change

$320,000 +2.3%

PRDnationwide does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRDnationwide will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Prepared by PRDnationwide Research © All medians and volumes are calculated by PRDnationwide Research. Use with written permission only. All other responsibilities disclaimed. © 2014


Whitsunday Area Property Watch Q2 2014 Whitsunday Area Vacant Land Price Points

Price point

2010 MAR

2011 MAR

At least $450,000

19%

$400,000 to $449,999

8%

$350,000 to $399,999

2%

$300,000 to $349,999

2012 MAR 13%

0%

5%

11%

$150,000 to $199,999

32%

Less than 11% $150,000

26%

3%

38%

0%

5%

4%

7%

34%

In addition, interstate investors are becoming active in the area again, seeking out strong yet affordable investments after having missed out on opportunities in other lifestyle destinations.

43%

39%

40%

As coal prices recover, more construction projects commence and tourism continues to improve, the area should see more residents over the coming years and thus increasing property demand. Current projections estimate that the Whitsunday Local Government Area will grow by 10.5 per cent between 2011 and 2016.

6%

6%

51%

20%

1%

8%

17%

1%

1%

10%

0%

The unit market in the Whitsunday area fared a little better with sales activity growing for a third straight period. The half year to Mar 2014 saw the median unit price increase 2.3 per cent to $340,000, compared with Mar 2013.

3%

4%

2%

10%

$200,000 to $249,999

9%

0%

2%

8%

2014 MAR

8%

8%

8%

$250,000 to $299,999

2013 MAR

34%

60%

80%

100%

Proportion of total sales

Overview Whitsunday Area Unit Price Points 2010 MAR

2011 MAR

2012 MAR

2013 MAR

Whitsunday Area Unit Sales Cycle

2014 MAR

300

$500,000 Unit Sales

At least $500,000

16%

21%

10%

31%

Unit Median

$450,000

15% 250

$400,000

6%

5%

1%

7%

3%

$350,000

$350,000 to $399,999

16%

$300,000 to $349,999

10%

24%

3%

6%

Number of sales

12%

3% 0% 2%

7%

29%

16%

14%

9%

$320,000

$300,000 150

$250,000 $200,000

240

100

188

204 174

171

161

156

10%

172

50

$250,000 to $299,999

12%

21%

18%

9%

$100,000

102

87

81

79

82

63

68

54

89

70

$50,000

Heading Whitsunday Area Weekly Median Rents 2012 MAR QTR

2013 MAR QTR

2014 MAR QTR

2 Bed Flat

2013 SEP

2014 MAR

2012 SEP

2013 MAR

2011 SEP

2012 MAR

2010 SEP

2011 MAR

2009 SEP

2010 MAR

2008 SEP

2009 MAR

Half year period

Feeling the effects of a population lull, median rents have recently fallen by an average of $20 per week. However in other resource regions such as Mackay, Isaac and Gladstone median rents have fallen between $80 and $130 per week. This highlights the resilience of Whitsunday’s rental market - a point that should not be lost on investors.

$280 $325 $305 $350 3 Bed Flat

2007 SEP

100%

2008 MAR

80%

2006 SEP

60%

Proportion of total sales

$0 2007 MAR

40%

13%

2005 SEP

20%

23%

2006 MAR

37%

2004 SEP

21%

2005 MAR

0

10%

0%

$400 $380 $420

3 Bed House

Property type

90

17%

2004 MAR

Less than $200,000

$150,000

167 123

$440 $395 $500

4 Bed House

$500

$500

$450

$400

$350

$300

$250

$200

$150

$100

$0

$480 $50

Price point

200

$400,000 to $449,999

Median sale price

$450,000 to $499,999

Future construction activity within the Whitsunday Area is estimated at $286.9 million, dominated by large scale commercial projects. This includes the $30 million Accor Ozone Whitsundays Eco Resort and $252 million Shute Harbour Resort Marina and Residential Development. In addition there is an expected $61.9 million worth of residential construction and $17.7 million of subdivision work in the pipeline, meaning there will be plenty of housing, land and unit options available in the Whitsunday area for purchase over the coming years.

Median rent

PRDnationwide does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRDnationwide will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Prepared by PRDnationwide Research © All medians and volumes are calculated by PRDnationwide Research. Use with written permission only. All other responsibilities disclaimed. © 2014


Research & Consultancy Adding Value to your Investment

About PRDnationwide Research PRDnationwide’s research division provides reliable, unbiased, and authoritative property research and consultancy to clients in metro and regional locations across Australia. Our extensive research capability and specialised approach ensures our clients can make the most informed and financially sounds decisions about residential and commercial properties.

Our Knowledge Access to accurate and objective research is the foundation of all good property decisions. As the first and only truly knowledge based property services company, PRDnationwide shares experience and knowledge to deliver innovative and effective solutions to our clients. We have a unique approach that integrates people, experience, systems and technology to create meaningful business connections We focus on understanding new issues impacting the property industry; such as the environment and sustainability, the economy, demographic and psychographic shifts, commercial and residential design; and forecast future implications around such issues based on historical data and fact.

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recommendations •

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Prepared by PRDnationwide National Franchise Services. For further details contact:

Christie Leet Principal PRDnationwide Whitsunday P: (07) 4946 2000 E: whitsunday@prd.com.au Ryan Connors Research Analyst PRDnationwide Research P: (07) 3229 3357 E: ryanconnors@prd.com.au


Whitsunday Area Property Watch Report Q2 2014