Agnes Water Property Market Update 2nd Half of 2019
In Q3 2019, Agnes Water recorded a median house price of $327,000, and a median unit price of $295,000. This represents annual (Q3 2018 – Q3 2019) median price growth of 5.6% for houses and a price softening of -33.1% for units. At the same time, total sales slowed for Q3 2019, down by -15.4% for houses to 11 sales and by -52.9% for units to 8 sales. There is potentially an undersupply of houses on the market, indicating a good time to sell.
Average vendor discount between Q3 2018 and Q3 2019 has tightened for both property types, to -3.7% for houses and -3.2% for units. Market conditions in Agnes Water are slowly shifting to favour seller, where both sellers and buyers are negotiating closer to the listing price as demand increases. First home buyers need to act quickly.
Over the past 12 months, house rental yields in Agnes Water increased to reach 5.3% in June 2019, outperforming both Gladstone LGA (4.8%) and Brisbane Metro (3.8%). This suggests the house rental market is healthy, inline with increased demand for rental properties in Agnes Water across the same time period (up 66.7% in the 12 months to Q3 2019).
4 bedroom houses have provided investors with +5.6% rental growth annually, achieving a median rent of $380 per week.
Over the past 12 months to June 2019, Agnes Water recorded a vacancy rate of 7.7%, significantly dropping from 11.6% in June 2018. This is good news for investors as vacancy rates in Agnes Water are on a declining trend, there is now a higher rental demand in the area.