Nundah Property Market Update 2nd Half of 2021
In Q3 2021, Nundah recorded a median house price of $827,000, and a median unit price of $419,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 10.4% for houses and 1.0% for units. Between Q3 2020 – Q3 2021 total sales slowed by -40.0% (to 18 sales) for houses but grew by 23.6% (to 110 sales) for units. The house market is undersupplied, as price growth is evident alongside a lower number of sales. Astute investors are encouraged to enter the unit market as there are real returns in capital investment, with median price and number of sales growing at the same time.
Average vendor discounts between Q3 2020 and Q3 2021 have tightened to -0.7% for units and swung to a premium of 3.6% for houses. Market conditions in Nundah have now shifted to favour sellers, where buyers are willing to either offer closer to the initial listing price or pay above. Now is an ideal time for vendors to sell.
In September 2021, house rental yields in Nundah were recorded at 3.1%. In the 12 months to Q3 2021 the median house rental price increased by 5.2% to reach $505 per week, complemented with average days on the market declining by -24.0% (to 19 days). This represents a healthy rental market in Nundah, with investors benefitting from a highly demanded market.
4+ bedroom houses have provided investors with +22.8% rental growth annually, with a median rent of $755 per week.
Also in September 2021, Nundah recorded a low vacancy rate of 1.1%, below that of Virginia (1.2%) and Brisbane Metro (1.4%). Vacancy rates in Nundah¥ have trended at historical lows over the past 6 months and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 recovery conditions. There is a healthy rental demand and investors can be confident of a conducive investment environment in Nundah.
