Agnes Water Property Market Update 2nd Half of 2022
In Q3 2022, Agnes Water recorded a median house price of $737,500, and a median unit price of $502,500. This represents annual (Q3 2021 – Q3 2022) median price growth of 32.9% for houses and 20.4% for units. That said, on a quarter-by-quarter basis (Q2 2022 – Q3 2022) median house price softened by -5.4% and median unit price grew at a lower rate of 4.7%. This reflects interest rate hikes translating into the market. Total sales decreased annually and quarterly, with Q3 2022 recording the lowest sale numbers of 25 (house) and 18 (units). Market conditions suggest opportunities for sellers and buyers.
Average vendor discounts between Q3 2021 and Q3 2022 have rapidly shifted for both property types, to wider discounts of -4.5% for houses and -2.1% for units. Market conditions in Agnes Water have now shifted to favour buyers, benefitting from higher discounts when compared to 12 months prior. Average vendor house discount for Q3 2022 is the highest recorded in the past 24 months, thus an opportunity for first home buyers.
House rental yields in Agnes Water was recorded at 3.7% in September 2022, which is on par with Brisbane Metro (3.6%). This was paired with a 22.0% increase in median house rental price and a -18.8% decline in the number of houses rented. Average day on the market declined by -29.2%, to 17 days, the lowest recorded in the past 12 months. This establishes the area’s rental demand and its attractiveness as a more affordable investment option compared to Brisbane Metro.
3 bedroom houses have provided investors with +31.0% rental growth annually, achieving a median rent of $550 per week.
Agnes Water recorded a vacancy rate of 0.4% in September 2022, which is slightly below Brisbane Metro’s 0.6% average. Vacancy rates in Agnes Water have remained low in the past 12 months, trending within the 1.0% band rate, and at times recording 0.0%. This indicates a high rental demand and thus quicker occupancy. These key indicators create a conducive and sustainable environment for investors, particularly with the median house price downturn between Q2 2022-Q3 2022.
