Bundaberg Property Research Factsheet 1st Half 2018
A softening in house prices is being experienced throughout the wide Bundaberg LGA area however unit buyers in Bundaberg, especially that of postcode 4670, can benefit from positive capital growth.
softening in house prices is being experienced throughout the wide Bundaberg LGA area however unit buyers in Bundaberg, especially that of postcode 4670, can benefit from positive capital growth.
The property market of Bundaberg, especially that of postcode 4670, recorded a median house price of $276,750 and $232,500 for units in Q1 2018. This represents an annual price change of -9.3% and 1.5% respectively. Over the same period of time, house prices in Bundaberg Regional Local Government Area (LGA) softened by -1.7% to $295,000 and unit prices softened by -0.8% to $250,000.
Compared to the wider Bundaberg LGA, houses and units can be secured at a more affordable price in postcode 4670.
Average vendor discounting for houses in postcode 4670 tightened to -5.8% over the past 12 months to Q1 2018, whilst it widened to -6.4% for units. This suggests house sellers are achieving closer to their first asking price, despite the softening in median price growth for houses. Sellers are encouraged to take advantage of the current market, whilst there is still a high-demand for houses in postcode 4670.
Over the past 12 months to Q1 2018 median rent in postcode 4670 increased by 1.7% (house) whilst softening for units (-7.5%), currently at $300 per week (house) and $245 per week (units). Investors are benefiting from rental yields of 4.8% (house) and 5.5% (units), higher than Brisbane Metro 3.8% (house) and 5.0% (unit). Combined with low vacancy rate of 1.6%, which signals high occupancy of properties, investors can be confident of conducive investment returns. Now is the time for investors to enter this affordable market.