Bungendore Property Market Update 2nd Half of 2022
In Q2 2022, Bungendore recorded a median house price of $1,210,000, and a median land price of $337,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 49.7% for houses and a price softening of -13.4% for land. Total sales decreased between Q2 2021 – Q2 2022, by -18.8% (to 26 sales) for houses and remained stable at 0.0% for land. Strong levels of demand have quickly absorbed new listings, thus creating an undersupplied house market. Now is an ideal time for house owners in Bungendore to capitalise on higher returns to investment.
Average vendor discounts between Q2 2021 and Q2 2022 have swung to a discount for both property types, to -1.2% for houses and -1.3% for land. Bungendore market conditions have now shifted to favour buyers, where sellers are willing to negotiate below their initial listing price. Between the increase in median house price and average vendor discount pattern, there is now a unique opportunity for buyers and sellers.
In June 2022, house rental yields in Bungendore were recorded at 2.7%. In the 12 months to Q2 2022 house rental price declined -8.4% (to $575 per week), while average days on the market have declined by -25.0% (to 24 days). Despite rental yields decreasing due to median house sales price growth outstripping that of median house rental price growth, there is a strong demand for rental properties in Bungendore. This represents a resilient market.
3 bedroom houses have provided investors with +11.8% rental growth annually, achieving a median rent of $615 per week.
Bungendore (postcode 2621) recorded a vacancy rate of 0.8% in June 2022, which is below Sydney Metro’s 1.6% average but above the Queanbeyan-Palerang 0.4% average. Vacancy rates in Bungendore have fluctuated in the past 12 months, due to the small number of houses let. However, vacancy rates are now back to under 1.0%, which creates a conducive and sustainable environment for investors despite the increase in median sale prices of property over the past 12 months.
