Bungendore Property Market Update 2nd Half 2019

In Q2 2019, Bungendore recorded a median house price of $750,000, and a median vacant land price of $305,500. This represents an annual (Q2 2018 – Q2 2019) unchanged median price for houses (0.0%) and growth of 14.2% for vacant land. In this time total sales for houses declined by -48.7% (to 20 sales) whilst vacant land sales increased by 25.0% (to 5 sales). Given the stable trend in median house price and reduced competition, now is an ideal time to buy.

Average vendor discount between Q2 2018 and Q2 2019 has widened for houses, to -3.3%. Market conditions in Bungendore continue to favour buyers, where sellers are willing to negotiate below their initial listing price. With such discounts on offer, now continues to be an ideal time to buy.

Over the past 12 months house rental yields in Postcode 2620 remained unchanged, at 4.0% as of June 2019. This suggests the house rental market is in a healthy position, despite a slight decline in demand for rental properties in Bungendore across the same time period (down -20.7% in the 12 months to Q2 2019, with 23 houses rented).

2 bedroom houses have provided investors with +11.1% rental growth annually, achieving a median rent of $450 per week.

Postcode 2620 recorded a vacancy rate of 1.2% in June 2019, reflecting a declining trend over the past 24 months. This is slightly below vacancy rates in the LGA and Canberra metro, thus there is a healthier rental demand in Bungendore.