Bungendore Property Market Update 1st Half of 2021
In Q4 2020, Bungendore recorded a median house price of $845,000, and a median vacant land price of $369,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 36.5% for houses and 15.3% for land. Between Q4 2019 – Q4 2020 total sales in both markets slowed, by -23.1% for houses (to 30 sales) and by -76.9% for land (to 3 sales). Price growth in both property types coupled with low stock indicate a potential undersupply in Bungendore, thus now is an ideal time to sell.
Average vendor discounts between Q4 2019 and Q4 2020 significantly tightened for houses, to just -1.0%. Market conditions in Bungendore are increasingly favouring sellers, but buyers are still able to benefit from a slight discount. Now is the time to transact.
In December 2020, house rental yields in Postcode 2620 were recorded at 4.2%. In the 12 months to Q4 2020, the median house rental price increased to $595 per week, while average days on the market declined by -12.9% (to 27 days). Overall Bungendore has remained a highly resilient rental market throughout COVID-19.
3 bedroom houses have provided investors with +9.0% rental growth annually, achieving a median rent of $545 per week.
Also in December 2020, Postcode 2620 recorded a vacancy rate of 1.0%, on-par with both Queanbeyan-Palerang LGA (0.9%) and Canberra Metro (1.1%). Vacancy rates in the area remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, and saw a declining trend since December 2019, amidst COVID-19 conditions. This confirms there is an ongoing healthy level of rental demand, thus investors can be confident in the Bungendore rental market.