Bribie Island Property Market Update 1st Half of 2020
In Q1 2020, Bribie Island recorded a median house price of $530,000, and median unit price of $365,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 6.4% for houses and 8.3% for units. Between Q1 2019 – Q1 2020 total sales declined for houses, by -18.0% (to 91 sales), and slightly declined for units, by -3.4% (to 56 sales). The property market in Bribie Island shows signs of resilience through capital growth over the past 12 months to Q1 2020, and with less stock available on the market now is an ideal time to sell.
Average vendor discounting between Q1 2019 and Q1 2020 has tightened to -4.6% (houses) and -5.4% (units). Market conditions in Bribie Island have slightly shifted to favouring vendors, where buyers need to offer closer to first listing price. There are signs of market recovery, with an increase in demand. However, buyers can still capitalise on a discount.
House rental yields in Bribie Island were recorded at a heathy 4.3% in December 2019, which is above Brisbane Metro rental yield of 3.9%. The house rental market is at a strong healthy position, particularly when combined with the increased rental demand over the past 12 months to Q1 2020, by 18.5%.
4+ bedroom houses provided investors with +3.2% rental growth annually, achieving a median rent of $490 per week.Bribie Island recorded a vacancy rate of 2.1% in December 2019. This represents a declining trend over the past 12 months, also remaining below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Furthermore, Bribie Island recorded vacancy rates below Brisbane Metro of 2.9%. This confirms there is a healthy rental demand in Bribie Island, which is good news for investors.