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PRD Buninyong  →  Research Hub  →  Buninyong Property Market Update 1st Half of 2022

Buninyong Property Market Update 1st Half of 2022

In Q1 2022, Buninyong recorded a median house price of $790,000, and a median vacant land price of $410,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 9.9% for houses and 49.1% for land. Total house sales increased between Q1 2021 – Q1 2022, by 10.0% (to 22 sales), and remained the same for vacant land (3 sales). A high level of confidence is evident in Buninyong, with all property types in high demand. Houses suggest real returns on investment, as median price growth is alongside higher sales volume. Thus, an opportune time for owners to capitalise on their investment.

Average vendor discounts for houses have slightly widened, to a discounted level of -3.2% between Q1 2021 and Q1 2022. Market conditions in Buninyong have had several changes in the past 12 months, briefly favouring vendors in mid-2021 with houses selling for a premium, to now swinging back to a discount. Now is an opportune time to enter the market.

House rental yields in Buninyong were recorded at 2.5% in March 2022, slightly above Melbourne Metro (2.4%). In the 12 months to Q1 2022 average days on the market declined by -54.5% (to 15 days), alongside the number of houses rented almost halved compared to 12 months prior. This suggest rental market conditions are still strong in Buninyong, however supply levels have become relatively low.

2 bedroom houses have provided investors with +19.3% rental growth annually, achieving a median rent of $340 per week.

Buninyong recorded a vacancy rate of 0.4% in March 2022, which is well below Melbourne Metro’s 1.9% average. Vacancy rates in Buninyong have fluctuated in the past 12 months, however keeping within the 1.0% mark and under the Real Estate Institute of Australia’s healthy benchmark of 3.0%. These key indicators indicate there is a conducive and sustainable environment for investors, despite the increase in median house prices over the past 12 months.