PRD Nundah Property Factsheet 1st Half of 2019
Nundah * recorded a median house price of $665,000 and $400,000 for units in Q1 2019. This represented an annual (Q1 2018-Q1 2019) price softening of -13.6% for houses and a slight strengthening of 0.3% for units. Compared to the Nundah* 2nd half 2018 Research Factsheet, which reported an annual (Q3 2017 – Q3 2018) price change of -3.0% (house) and 0.8% (units), houses have become more affordable, whilst units have shown relatively stable growth throughout the year.
Nundah * recorded a median house price of $665,000 and $400,000 for units in Q1 2019. This represented an annual (Q1 2018-Q1 2019) price softening of -13.6% for houses and a slight strengthening of 0.3% for units. Compared to the Nundah* 2nd half 2018 Research Factsheet, which reported an annual (Q3 2017 – Q3 2018) price change of -3.0% (house) and 0.8% (units), houses have become more affordable, whilst units have shown relatively stable growth throughout the year.
In comparison, Brisbane City Local Government area (LGA) recorded a slightly lower median house price of $662,000 in Q1 2019, representing an annual (Q1 2018-Q1 2019) softening of -1.6%. Median unit price for Q1 2019 was $430,000, which also represented an annual price softening, of -1.1%. Nundah* have become a more affordable market for houses and units when compared to the LGA, making it an ideal market for first home buyers.
Average vendor discounting has tightened for houses over the past 12 months to Q1 2019, from -6.7 % to -1.4%, showing high negotiation activity between buyers and sellers. Average vendor discounting for units have also tightened, from -4.8% in Q1 2018 to -2.7% in Q1 2019. These figures indicate that despite an overall softening in median prices, vendors are still able to achieve final sale prices that are close to their first asking price. This is potentially due to awareness of current property market conditions and sellers pricing their homes appropriately.
Over the past 12 months to Q1 2019, median house rental price recorded an annual strengthening of 8.4% to $450 per week. Median unit rental price also strengthened, by 1.3% to $390 per week. Investors are currently benefiting from low average days on the market, at 21 days for both houses and units. Vacancy rates in Nundah* were recorded at a low 2.5% as of December 2018, well below Brisbane Metro vacancy rates of 3.2% and Virginia vacancy rates of 3.0%. Astute investors should take this opportunity to enter the market, particularly as median entry price has softened.
