Bargara Property Market Update 1st Half of 2022
In Q1 2022, Bargara and Coastal recorded a median house price of $550,000, and a median unit price of $340,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 22.9% for houses and a softening of -19.0% for units. Total sales between Q1 2021 – Q1 2022 decreased by -45.4% (to 89 sales) for houses and increased by 16.7% (to 42 sales) for units. The house market is undersupplied, as price growth is due to lower number of sales. Now is an ideal time for house owners to transact and capitalise on their property. First home buyers can benefit from a slightly more affordable unit market.
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly swung to a premium for both property types, to 3.5% for houses and 3.2% for units. Market conditions in Bargara and Coastal have now shifted to favour vendors, as buyers are willing to offer above the initial listing price. This is a continued pattern in the past 6 months, due to a market undersupply.
Over the past 12 months, house rental yields in Bargara and Coastal increased to sit at 5.1% in March 2022, higher than Brisbane Metro (3.3%). This is in conjunction with a 21.3% median house rental price increase to $485 per week, combined with low average days on the market of 17 days. Overall, this represents a healthy rental market. With a lower median house price compared to Brisbane Metro, this identifies Bargara and Coastal as an alternative, more affordable investment.
4+ bedroom houses have provided investors with +17.6% rental growth annually, achieving a median rent of $500 per week.
Bargara and Coastal recorded a vacancy rate of 0.4% in March 2022, slightly above Bundaberg LGA (0.2%) but well below Brisbane Metro’s 0.7% average. Vacancy rates in Bargara and Coastal have held steady over the past 12 months, which indicate stability in its rental demand. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property across over the past 12 months.
