Nundah Property Market Update 1st Half of 2022
In Q1 2022, Nundah recorded a median house price of $1,257,000, and a median unit price of $449,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 54.7% for houses and a marginal growth of 1.8% for units. Total house sales increased between Q1 2021 – Q1 2022, by 38.5% to 36 sales, and decreased by -14.8% for units (to 115 sales). Market confidence is evident in Nundah, with properties in high demand. Houses suggest a real return in investment, with a simultaneous increase in sales count and price, whereas the unit market is undersupplied. Now is the time to transact.
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly swung to a premium for both property types, of 1.8% for houses and 3.2% for units. Market conditions in Nundah continue to favour vendors, with a premium evident for the past 4 quarters. Thus, buyers are continuously willing to offer above the initial listing price. Now is an ideal time to sell.
House rental yields in Nundah were recorded at 3.2% in March 2022, on par with Brisbane Metro (3.3%). This was paired with a 66.7% increase in demand for rental properties in the 12 months to Q1 2022 (to 40 rentals) and a -10.0% decline in average days to let a house (down to 18 days). Combined this suggest an opportune time for investors to enter the market, as quicker rental occupancy would prove beneficial.
4+ bedroom houses have provided investors with +27.7% rental growth annually, achieving a median rent of $760 per week.
Nundah recorded a vacancy rate of 0.4% in March 2022, which is slightly below Brisbane Metro’s 0.7% average. Vacancy rates in Nundah have decreased over the past 3 years, with March 2022 recording the lowest vacancy rate on record. These key indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
