Buninyong Property Factsheet 1st Half of 2018
There has been an extremely strong demand for property in Buninyong – particularly houses - indicating the need for more residential development in the area. Now is the time for first home buyers and investors to enter the market before prices get out of reach.
The Buninyong property market recorded a median house price of $496,000 and $266,600 for vacant land in Q1 2018, which represents an annual price change of 19.2% and 40.3% respectively. At the same time, house prices in City of Ballarat Local Government Area (LGA) grew by 8.9% to $361,000 and vacant land prices decreased by -4.6% to $145,000. Compared to the LGA, houses and land command premium prices in the Buninyong property market, with annual capital growth of houses being double that of other surrounding suburbs.Median rent in Buninyong has been sluggish for both house and units over the past 12 months to Q1 2018, currently at $350 per week (house) and $235 per week (units). That said investors are benefiting from rental yields of 3.1% (house) and 6.0% (units) which is well above that of Melbourne Metro’s (2.9% and 3.8% respectively) rental yields. Buninyong offers keen investors looking to climb the property ladder more affordable options beyond the metro areas.