Nundah Property Market Update 2nd Half of 2023
In Q3 2023, Nundah recorded a median house price of $1,068,500, and a median unit price of $525,500. This represents annual (Q3 2022 – Q3 2023) growth of 17.4% for houses and 12.4% for units. Sales decreased between Q3 2022 – Q3 2023, by -35.5% (to 20 sales) for houses and remained stable at 105 sales for units. On a quarterly basis (Q2 2023 – Q3 2023) prices softened for houses, by -1.1%, and grew for units, by 14.2%. An undersupply is evident as less sales is paired with higher prices. Quarterly data suggest opportunity for house buyers; however, this may be temporary due to the undersupply.
Average vendor discounts between Q3 2022 and Q3 2023 have rapidly fluctuated for both property types, to lower discounts of -1.5% for houses and premiums of 0.6% for units. House market conditions are shifting to favour vendors, as buyers need to offer closer to the initial listing price. Conversely, units have shifted to a premium, with buyers offering more than the initial listing price. Now is the time to sell in Nundah.
House rental yields in Nundah was 3.1% in September 2023, which is slightly lower than Brisbane Metro (3.6%). However median house rental price grew by 13.6%in the past 12 months to Q3 2023, to $625 per week, whilst the number of houses rented declined by -14.7% (to 29 rentals). Average days to rent has declined, with Q3 2023 recording the lowest number of days for the past 12 months (at 19 days). The unit rental market showed a similar pattern, which is good news for investors.
3-bedroom houses have provided investors with +18.2% rental growth annually, achieving a median rent of $650 per week.
Nundah recorded a vacancy rate of 0.7% in September 2023, below Brisbane Metro’s 1.0% average. Vacancy rates in Nundah have held relatively steady over the past 12 months, with minor fluctuations on a monthly basis; due to investors reacting to a higher cash rate. A 0.7% vacancy rate is still extremely low, indicating quicker rental occupancy. This creates a conducive and sustainable environment for investors, even with an increase in property prices in the past 12 months.
