Buninyong Research Factsheet 2nd Half 2017
Buninyong recorded a house median price of $449,500 in Q3 2017, representing an annual price change of 4.5%. Over the same period of time house prices in the City of Ballarat LGA grew by 3.2% to $325,000. Buninyong house prices and house growth are well above the City of Ballarat LGA, indicating a premium market and positive capital value-retention, which is attractive for buyers and investors alike. Average days to sell in Buninyong has improved over the past twelve months, currently at 30 days for houses in Q3 2017.
Average vendor discounting for houses has tightened to -1.8%, indicating that sellers are achieving closer to their initial asking price. In the meantime declining stock available on the market indicate the need for more supply, in order to answer increasing market demand.
In the rental market, average days on market for houses currently sits at 23 days and 24 days for units, which indicates increased demand for rental properties in Buninyong. A combination of increased house rental price of 12.8% to $330/week over the past twelve months, rental yields of 4.2% for units and 3.5% for houses, and low vacancy rates of 1.4%, continue to provide conducive conditions for long term investment in Buninyong.
The future looks bright for Buninyong and its surrounding suburbs, where a range of developments is scheduled to commence during 2017 to early 2018. The total worth of these projects is approx. $33.4M and will increase the overall commercial activity and residential liveability of the area.