Buninyong Property Factsheet 1st Half of 2019
The Buninyong housing property market has shown positive growth over the past 12 months to Q1 2019, at 2.0% and recording a median house price of $505,000. Compared to the Buninyong 2nd Half 2018 Research Factsheet, which recorded an annual (Q3 2017 – Q3 2018) median house price growth of -5.3%, house value in Buninyong has strengthened.
In contrast median vacant land price has softened over the past 12 months to Q1 2019, at -14.1% to $262,000. That said due to the low number of vacant land sales in Buninyong such fluctuations are temporary.
Residential rural sales have experienced positive growth between 2017 and 2018, of 1.1% to $677,500. There were two residential rural sales and one vacant land sale in 2019, representing a median price of $700,000 and $204,000 respectively. The residential rural market has shown steady price growth since 2015, attracting premium pricing compared to the other property products in the Buninyong area.The Buninyong rental market continues to provide investors with positive returns. Median house rent price grew by 2.7% between Q1 2018 – Q1 2019, to $380 per week. Although the Buninyong unit rental market is small, unit investors can be comforted with a 4.3% median unit rent price growth during the same time frame. Rental yield in Buninyong was recorded at 3.5% for house and 4.1% for units in December 2018, a stable trend compared to June 2018. Furthermore, rental yields in Buninyong are superior to that of Melbourne Metro (2.9% for house and 3.9% for units), confirming the area as an affordable alternative investment hotspot.