Bundaberg Bargara Property Factsheet 2nd Half 2018
The property market of Bundaberg and Bargara, especially that of postcode 4670, recorded a median house price of $285,000 and $215,000 for units in Q3 2018. This represented an annual (Q3 2017-Q3 2018) price softening of -7.0% and -16.0% respectively. Compared to Bundaberg and Bargara1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price softening of -8.0% (house) and 4.0% (units), house annual capital growth has slightly improved whereas units have become more affordable.
Annual (Q3 2017-Q3 2018) median price also softened in the Bundaberg Regional Council (LGA), by -8.0% to $280,000 for houses and -18.0% to $209,000 for units. When compared to the LGA median property prices in Bundaberg and Bargara are on par, with slightly higher capital growth. The property market in Bundaberg and Bargara is more resilient compared to the wider LGA, providing affordable investment opportunities for buyers.
Median rental prices have strengthened over the past 12 months to Q3 2018 in Bundaberg and Bargara, by 5.0% to $315 per week for houses and 4.0% to $260 per week for units. Investors are assured of quick rental uptake in this high-demand market with the low vacancy rates of 2.2% and significant rental yields of 4.9% for house and 5.5% for units respectively.
According to ABS Census 2016 30.8% of private dwellings were rented, which is a slight increase when compared to the 29.8% reported in 2011. Further, the number of private dwellings grew by 7.0% during this time, signalling improved conditions for investment.