Bundaberg Property Market Update 1st Half of 2022
In Q1 2022, Bundaberg recorded a median house price of $360,000, and a median unit price of $244,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 24.1% for houses and 7.0% for units. Between Q1 2021 – Q1 2022 total sales slowed, down by -10.5% (to 187 sales) for houses and by -37.5% (to 40 sales) for units. The current market conditions indicate an undersupplied market for both property types, as median price growth is alongside less sales (due to low stock). Owners looking to sell can potentially achieve premium prices, thus now the time to capitalise on their investment
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly swung to a premium for both property types, of 2.8% for houses and 2.4% for units. Market conditions in Bundaberg have now shifted to favour vendors, as buyers are willing to offer above the initial listing price. Q1 2022 recorded the highest premiums in the past 18 months.
Bundaberg (postcode 4670) recorded an attractive house rental yields of 5.4% in March 2022, higher than Bundaberg LGA (4.2%) and Brisbane Metro (3.3%). In the 12 months to Q1 2022, the median house rental price increased by 8.6% to reach $380 per week, combined with low average days on the market of 15 days. Overall, this represents a healthy rental market in Bundaberg, especially for investors considering a more affordable alternative option compared to Brisbane Metro.
3 bedroom houses have provided investors with +10.0% rental growth annually, achieving a median rent of $352 per week.
Bundaberg 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 Bundaberg have held steady under the 0.5% mark over the past 18 months, indicating stability in rental demand. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property in the past 12 months.