Agnes Water Property Market Update 2nd Half of 2023
In Q3 2023, Agnes Water recorded a median house price of $750,000, and a median unit price of $380,000. This represents annual (Q3 2022 – Q3 2023) growth of 0.7% for houses and 8.0% for units. On a quarterly (Q2 – Q3 2023) basis median house price grew by 6.4%, which further confirms a recovery in the market. Total sales decreased between Q3 2022 – Q3 2023, by -71.9% to 9 sales for houses and by -77.1% to 19 sales for units. A clear undersupply is evident in Agnes Water, which played a key role in creating a resilient market even during multiple cash rate hikes. Average vendor discounts between Q3 2022 and Q3 2023 have remained relatively stable for houses, at a discount of -4.9% for houses. It has widened further for units, to a discount of -6.9%. Market conditions in Agnes Water still favour buyers, as vendors are willing to offer below the initial listing price. Now is the time to buy. House rental yields in Agnes Water was 3.3% in September 2023, which is lower than Gladstone LGA. That said the median house rental price remained stable in the past 12 months to Q3 2023, at $600 per week. During this time the number of houses rented declined by -20.0%, to 12 houses, which suggested an undersupplied market. The unit rental market grew significantly, with 13 units rented in Q3 2023 – this is the highest number of units rented. 2-bedroom houses have provided investors with +48.6% rental growth annually, achieving a median rent of $520 per week. Agnes Water recorded a vacancy rate of 1.0% in September 2023, which is on par with Brisbane Metro. Vacancy rates in Agnes Water have fluctuated over the past 12 months, however this is due to a limited amount of available rental data. A 1.0% vacancy rate is low, under the Real Estate Institute of Australia’s health benchmark of 3.0%. This indicate a very tight rental market and is a conducive for investors, despite the median sale price increase in the past 12 and 3 months.
In Q3 2023, Agnes Water recorded a median house price of $750,000, and a median unit price of $380,000. This represents annual (Q3 2022 – Q3 2023) growth of 0.7% for houses and 8.0% for units. On a quarterly (Q2 – Q3 2023) basis median house price grew by 6.4%, which further confirms a recovery in the market. Total sales decreased between Q3 2022 – Q3 2023, by -71.9% to 9 sales for houses and by -77.1% to 19 sales for units. A clear undersupply is evident in Agnes Water, which played a key role in creating a resilient market even during multiple cash rate hikes.
Average vendor discounts between Q3 2022 and Q3 2023 have remained relatively stable for houses, at a discount of -4.9% for houses. It has widened further for units, to a discount of -6.9%. Market conditions in Agnes Water still favour buyers, as vendors are willing to offer below the initial listing price. Now is the time to buy.
House rental yields in Agnes Water was 3.3% in September 2023, which is lower than Gladstone LGA. That said the median house rental price remained stable in the past 12 months to Q3 2023, at $600 per week. During this time the number of houses rented declined by -20.0%, to 12 houses, which suggested an undersupplied market. The unit rental market grew significantly, with 13 units rented in Q3 2023 – this is the highest number of units rented.
In Q3 2023, Agnes Water recorded a median house price of $750,000, and a median unit price of $380,000. This represents annual (Q3 2022 – Q3 2023) growth of 0.7% for houses and 8.0% for units. On a quarterly (Q2 – Q3 2023) basis median house price grew by 6.4%, which further confirms a recovery in the market. Total sales decreased between Q3 2022 – Q3 2023, by -7d1.9% to 9 sales for houses and by -77.1% to 19 sales for units. A clear undersupply is evident in Agnes Water, which played a key role in creating a resilient market even during multiple cash rate hikes.
Agnes Water recorded a vacancy rate of 1.0% in September 2023, which is on par with Brisbane Metro. Vacancy rates in Agnes Water have fluctuated over the past 12 months, however this is due to a limited amount of available rental data. A 1.0% vacancy rate is low, under the Real Estate Institute of Australia’s health benchmark of 3.0%. This indicate a very tight rental market and is a conducive for investors, despite the median sale price increase in the past 12 and 3 months.
