Nundah Property Market Update 2nd Half of 2022
In Q3 2022, Nundah recorded a median house price of $960,000, and a median unit price of $455,000. This represents annual (Q3 2021 – Q3 2022) median price growth of 11.5% for houses and 8.3% for units. That said on a quarter-by-quarter basis (Q2 2022 – Q3 2022) median price growth softened, by -22.6% (houses) and -1.3% (units). This is a reflection of interest rate hikes translating into the market. Total sales decreased annually and quarterly, with Q3 2022 recording the lowest number of sales (19 and 78 for houses and units respectively). Opportunities exist for sellers and buyers in both markets.
Average vendor discounts between Q3 2021 and Q3 2022 have remained in the premium range for Nundah, however at a lower rate for houses (0.9%) and higher for units (1.0%). Market conditions in Nundah offer unique opportunities. Sellers can still benefit from a final sale price that is higher than their first list price, buyers can benefit from having to offer a higher premium when compared to previous quarters.
Nundah house rental yields was 3.0% in September 2022, which is below Brisbane Metro (3.6%). That said median house rental price increased by 6.8% in the 12 months to Q3 2022, to $550 per week. An undersupply of rental houses is evident as the number of houses rented declined by -5.4% in the same time frame. A similar trend is evident in Nundah’s unit rental market, confirming the area as a resilient rental market for investors.
3 bedroom houses have provided investors with +12.0% rental growth annually, achieving a median rent of $560 per week.
Nundah recorded a vacancy rate of 0.5% in September 2022, which is slightly below Brisbane Metro’s 0.7% average. Vacancy rates in Nundah have fluctuated slightly over the past 12 months, with a general declining trend. It has remained within the 1.0% during that time, indicating quicker occupancy of rental properties. These key indicators create a conducive and sustainable environment for investors, particularly with the median property price downturn in the past quarter.
