Bremer Valley Property Market Update 1st Half of 2024
In Q4 2023, Bremer Valley recorded a median house price of $573,000, and a median vacant land price of $250,000. This represents annual (Q4 2022 – Q4 2023) growth of 17.4% for houses and 4.8% for vacant lands. Sales surged in the past 12 months to Q4 2023, by 50.0% for houses and 82.8% for vacant lands. This suggests that there is high demand for properties in the area, however there is a more cautious market in the past quarter, potentially due higher interest rates. This creates an opportune time for buyers to enter the market.
Average vendor discounts for houses in Q4 2023 was 0.0%, indicating that the final sale price is the first list price, thus a balanced market. In the past 12 months the market has swung between a sellers’ market (late 2022) and a buyer’s market (early – mid 2023). Current conditions suggest a unique opportunity where sellers can benefit from their investment and buyers do not need to offer above the first list price. Thus, an opportune time to transact.
House rental yields in Bremer Valley was 4.4% as of December 2023, higher than the Ipswich LGA (4.2%) and Brisbane Metro (3.6%). This was due to a +6.1% increase in median house rental price in the past 12 month to Q4 2023, to $520 per week, and a -7.4% decline in the number of houses rented (to 25 houses). Average days on the market to let declined by -39.5% to 23 days. The unit market shows similar trends, which on overall suggests an undersupplied rental market.
3-bedroom houses have provided investors with +17.1% rental growth annually, achieving a median rent of $445 per week.
Bremer Valley recorded a vacancy rate of 0.7% in December 2023, nearly half of the Ipswich LGA (1.2%) and well below Brisbane Metro (1.2%). Vacancy rates in Bremer Valley declined in the past 12 months, indicating a tighter rental market and quicker occupancy of rental properties. A 0.7% vacancy rate is significantly lower than the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus a conducive and sustainable environment for investors. With a slightly slower price growth in the past quarter to Q4 2023, now is the time for investors to enter the market.
