Bribie Island Property Market Update 1st Half of 2021

In Q1 2021, Bribie Island recorded a median house price of $579,000, and a median unit price of $384,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 12.4% for houses and 9.1% for units. Between Q1 2020 – Q1 2021 total sales declined, by -13.1% for houses (to 106 sales) and by -1.4% for units (to 73 sales). Median price growth alongside declining sales suggest an undersupplied market, particularly for houses. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -1.4% for houses and -2.7% for units. Market conditions in Bribie Island are shifting towards a seller’s market as buyers are willing to offer closer to the first asking price. Discounts are still available, however limited.

In March 2021, house rental yields in Bribie Island were recorded at 3.7%. In the 12 months to Q1 2021, the median house rental price increased by 4.0% to $450 per week, with average days on the market declining by -23.2% (to 17 days). This places Bribie Island as a strong rental market, with room for investors to enter the market.

2 bedroom houses have provided investors with +6.8% rental growth annually, with a median rent of $355 per week.

Also in March 2021, Bribie Island recorded a low vacancy rate of 0.9%, slightly above Moreton Bay LGA (0.7%), but below that of Brisbane Metro (1.5%). Vacancy rates in Bribie Island have slightly fluctuated in the past 6 months, however as an overall continued to decline since April 2020 and remained below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19. There is healthy rental demand in the area, creating a highly conducive investment market.