Buninyong Property Report 2nd Half of 2019
In Q3 2019, Buninyong recorded a median house price of $560,000, and a median vacant land price of $265,000. This represents annual (Q3 2018 – Q3 2019) median price growth of 20.4% for houses and 14.7% for land. Total land sales slowed annually, down by -66.7% (to 2 sales) in Q3 2019, while houses remained unchanged (13 sales). Limited sales make this data volatile, however there has been positive signs in the market over the past 12 and 6 months.
Average vendor discount between Q3 2018 and Q3 2019 have and tightened to –1.8% for houses and to -4.5% for vacant land. Market conditions in Buninyong still favour buyers at present, where sellers are willing to negotiate below their initial listing price. That said these discounts are starting to lessen considerably, thus buyers need to act quickly.
Over the past 12 months house rental yields in Buninyong decreased to sit at 2.9% in June 2019. This in in part due to a limited rental market, with just 7 house rentals recorded in Q3 2019. This however resulted in 12.5% growth median price growth annually, to $450 per week for houses.
3 bedroom houses have provided investors with +18.8% rental growth annually, achieving a median rent of $380 per week.
Buninyong recorded a vacancy rate of 0.4% in June 2019, which represents a sharp decline compared to June 2018 and is significantly lower than Melbourne Metro (2.0%). Due to its small total market size the Buninyong rental market may experience more frequent fluctuations, however June 2019 represents the tightest vacancy rate to date.