A Snapshot of the Redcliffe Market
According to 2021 ABS Census Data, the adult population of Redcliffe is 9,182. This is residents 15 years of age and older. The median age is 52 and from that total, there are 39.35% who are married, 21.49% who are divorced or separated, 30.42% who are single, and 8.78% who are widowed.
Household Size and Cost of Homes In Redcliffe
The average household size in Redcliffe is 2.0 people per dwelling. The census data also states that the median household income is roughly $6,136 per month. The median mortgage repayment from Redcliffe households is $1,610 per month or 26.24% of their income.
There are about 6,369 households in Redcliffe. In the third quarter of 2023, the typical house price in this suburb is $717,931. The medium weekly rental rate is $495. Based on these figures, there is an indicative yield in the range of 3.59%. This is far more than the minimum attractive market requirement which makes Redcliffe a good place to invest in property for cashflow.
Redcliffe Socio-Economic Data
According to Redcliffe’s socio-economic fundamentals IRSAD score of 924 (on a scale of 1,217), the suburb possesses a solid socio-economic status. The score is also considered above average compared to other surrounding
communities. That being said, the renter-to-owner ratio is a bit higher than the optimal point of 30%. In Redcliffe, that ratio sits at 42%.
This points to an inventory that contains far more rental properties than in the other parts of the region. With more rental properties than the average, there may be lower long-term returns and more competition between property investors seeking rental property to purchase.
Redcliffe Market Composition
The composition of the Redcliffe market is based on a units-to-houses ratio of 38%. While this indicates that there are more houses than units, the good news in this fact is that a market with somewhat more houses attracts a higher number of families and promotes longer tenancy timeframes. For property investors, this means higher rental yields can be maintained which keeps the market from becoming over saturated by rentals.
Although these are all good indicators, the affordability index for Redcliffe sits at 46 years. This is far beyond the ideal timeframe of 30 years. As a result, the 46-year timeline suggests that the average buyer will likely find purchasing property in Redcliffe challenging at the very least. It’s not impossible, but it will take longer to see a return on the investment.
Redcliffe Housing Supply
Looking at the Redcliffe market supply metrics, there is a 0.46% percentage of houses currently
available on the market. The inventory level for houses in the suburb is pegged at 1.08 months which is an appealing timeline. It suggests that the low supply of available inventory may spark competitive property pricing. However, more houses are about to enter the market, which will skew that figure. The building approval ratio for new starts in Redcliffe is at 0.69%.
Market Demand in Redcliffe
The number of days a house stays on the market averages at about 36 in Redcliffe. That is barely over the optimal number of 35 days, which is an indication that the demand is not greater than the available inventory. The vacancy rate for both houses and units is at 1.26% which may be contributing to the demand timeline as it points to a higher demand when vacancy levels are limited. As for the buy search index, in Redcliffe, it is at 4 for houses. This is indicative of a neutral demand.
