Bungendore Property Market Update 1st Half of 2022

In H2 2021, Bungendore recorded a median house price of $933,500, and a median vacant land price of $395,000. This represents annual (H2 2020 – H2 2021) median price growth of 23.7% for houses and 14.5% for land. Between H2 2020 – H2 2021 total sales in both markets slowed, down by -28.4% for houses (to 58 sales) and by -45.5% for land (to 6 sales). Strong levels of demand have quickly absorbed new listings, thus creating an undersupplied market. Now is an ideal time to sell your home in Bungendore and capitalise on higher returns to investment.

Average vendor discounts between H2 2019 and H2 2021 have swung to a premium of 2.2%, from -4.4%. Bungendore has now shifted to favour vendors, where buyers must negotiate above the initial listing price. This is the first occurrence in the area for the past 2years, truly indicative of an undersupplied market.

In December 2021, house rental yields in Bungendore were recorded at 3.6%. In the 12 months to H2 2021, the median house rental price remained unchanged at $595 per week, while average days on the market declined by -17.2% (to 24 days). Despite rental yields decreasing due to median house sales price growth outstripping that of median house rental price growth, there is strong demand for rental properties in Bungendore. This represents a resilient rental market.

4+ bedroom houses have provided investors with +8.2% rental growth annually, with a median rent of $725 per week.

Also in December 2021, Bungendore recorded a vacancy rate of 2.3%, above that of Queanbeyan-Palerang LGA (0.6%) and Canberra Metro (0.6%). Vacancy rates in Bungendore do however remain below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Bungendore.