Nundah Research Factsheet 2nd Half 2017
The housing market in Nundah and its surrounding areas (postcode 4012) has performed extremely well up to Q3 2017, recording a median house price of $699,000 with an annual growth of 12.7%. This is well above the annual growth (Q3 2016 – Q3 2017) in Brisbane City LGA (2.2%). Over the same period Nundah recorded a median unit price of $380,000, which is lower than the Brisbane City LGA ($440,000). Investors and owner occupiers alike can have confidence in the Nundah market, as those wanting to purchase a house will benefit from higher capital growth whilst those wanting to enter the unit market can enjoy more affordable options.
The housing market in Nundah and its surrounding areas (postcode 4012) has performed extremely well up to Q3 2017, recording a median house price of $699,000 with an annual growth of 12.7%. This is well above the annual growth (Q3 2016 – Q3 2017) in Brisbane City LGA (2.2%). Over the same period Nundah recorded a median unit price of $380,000, which is lower than the Brisbane City LGA ($440,000). Investors and owner occupiers alike can have confidence in the Nundah market, as those wanting to purchase a house will benefit from higher capital growth whilst those wanting to enter the unit market can enjoy more affordable options.
Over the past year, average vendor discounting for houses in Q3 2017 has pivoted to 3.0%. This is a significant change to the market as it indicates buyers now have to offer higher than the first list asking price. Average vendor discounting for unit has widened to -6.3% in Q3 2017, which confirms more affordable options as buyers can benefit from larger discounts.
In the twelve months average days on market has fluctuated from 7 days to 24 for houses and increased to 104 days for units in Q3 2017. This may due to the influence of new residential developments that were released in 2016 and the early 2017.
Rental stock has increased significantly over the past twelve months. This is reflected in the softening of rental prices in both the house and unit markets in Q3 2017. Median rent for houses has reduced by -4.6% to $445 pw and rental prices have been reduced by -0.9% to $372 pw for units. Rental yields are currently sitting at 3.5% for houses and 4.9% for units in Q3 2017, which is attractive and provides assurance for the savvy investor.
Nundah has become one of the most sought after suburbs after years of marginal performance. In the 2nd half of 2017 the value of project development in Nundah and surrounding suburbs (postcode 4012), is estimated at $19.1M; of which residential projects account for a majority at 96.6% ($18.4M).
A major residential project is the London Apartments ($4.0M), which will involves the construction of 27 units over 4 storeys, communal recreational area, car parking for 39 vehicles, and associated landscaping. The project is anticipated to be delivered to the market by early 2018.
