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Bundaberg Property Market Update 2nd Half of 2021

In Q3 2021, Bundaberg recorded a median house price of $308,000, and a median unit price of $249,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 16.2% for houses and 27.7% for units. Between Q3 2020 – Q3 2021 total sales slowed, down by -5.3% for houses (to 178 sales) and by -32.4% for units (to 25 sales). The current market conditions indicate an undersupplied market, as price growth is due to lower number of sales. This if particularly in the unit market. High demand indicate now is an ideal time for owners to transact and capitalise on their property.

In Q3 2021, Bundaberg recorded a median house price of $308,000, and a median unit price of $249,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 16.2% for houses and 27.7% for units. Between Q3 2020 – Q3 2021 total sales slowed, down by -5.3% for houses (to 178 sales) and by -32.4% for units (to 25 sales). The current market conditions indicate an undersupplied market, as price growth is due to lower number of sales. This if particularly in the unit market. High demand indicate now is an ideal time for owners to transact and capitalise on their property.

Average vendor discounts between Q3 2020 and Q3 2021 have tightened for both property types, to -0.5% for houses and -0.9% for units. Market conditions in Bundaberg have now shifted to favour sellers, where buyers are willing to offer closer to the initial listing price. Now is an ideal time for vendors to sell.

In September 2021, house rental yields in Bundaberg were recorded at 5.3%. In the 12 months to Q3 2021, the median house rental price increased by 12.5% to reach $360 per week, combined with low average days on the market of 18 days. Overall, this represents a healthy rental market in Bundaberg, with investors benefitting from a highly demanded market.

3 bedroom houses have provided investors with +12.9% rental growth annually, with a median rent of $350 per week.

Also in September 2021, Bundaberg recorded a low vacancy rate of 0.4%, on par with Bundaberg LGA and well below that of Brisbane Metro (1.4%). Vacancy rates in Bundaberg remain at a historical low over the past 12 months, and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 recovery conditions. There is a healthy rental demand and investors can be confident of a conducive investment environment in Bundaberg.

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