Bremer Valley Property Market Update 2nd Half of 2023
In Q2 2023, Bremer Valley recorded a median house price of $560,000. This represents 7.7% on an annual (Q2 2022 – Q2 2023) basis and 13.1% growth on a quarterly basis (Q1 2023 – Q2 2023). House sales declined by -21.2% on an annual period but grew by 2.5% quarterly. This represents a high demand for houses with some undersupply, creating a buffer against cash rate hikes. Median vacant land price was $268,000 in Q2 2023, representing an 11.7% and 10.5% growth annually and quarterly (respectively). Vacant land is very undersupplied, with Q2 2023 recording the lowest number of sales (16 sales).
Average vendor discounts between Q2 2022 and Q2 2023 have shifted closer to the first listing price for houses (0.1%) and remained at a discount of -4.0% for vacant land. House market conditions in Bremer Valley continue to favour sellers, where buyers will have to pay premiums above the first listing price. Land buyers now benefit from a discount.
The suburb of Bremer Valley has provided a more affordable market compared to wider Ipswich Local Government Area (LGA) in both house and land median prices for the past 5 years. 2023 has seen a house prices in Bremer Valley raise to almost parity with the wider Ipswich LGA, confirming it as a growth corridor.
The dominant proportion of homes sold in Bremer Valley across 2023 were in the most affordable price bracket of less than $499,999 (43.4%). Vacant land also recorded a more affordable dominant price point, of less than $249,999 (48.7%). This is good news for first home buyers wanting to enter the market.
