Bribie Island Property Market Update 2nd Half of 2020
In Q3 2020, Bribie Island recorded a median house price of
$490,000, and a median unit price of $342,000. This represents annual (Q3 2019
– Q3 2020) median price growth of 3.6% for houses and a softening of -2.6% for
units. House sales between Q3 2019 – Q3 2020 softened by -28.8% (to 79 sales)
whilst unit sales softened by -59.5% (to 32 sales), due to a combination of low
stock on the market and COVID-19 restrictions. That said positive median house
price growth during this time shows market resilience, whereas units have
become more affordable for first home buyers.
In the 12 months to Q3 2020, average vendor discount has tightened for both property types, to -4.6% (houses) and -3.4% (units). Bribie Island provides unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Bribie Island were recorded at 3.9%. In the 12 months to Q3 2020, median house rental price grew by 4.7% to $450 per week. This is also in conjunction with average days on the market declining by 50.0% (to 15 days). Overall, this represents an extremely resilient rental market amidst COVID-19 conditions.
3 bedroom houses have provided investors with +5.0% rental growth annually, with a median rent of $420 per week.
Also, in September 2020, Bribie Island recorded a low vacancy rate of 1.0%, sitting well below that of Brisbane Metro (2.0%) and generally on par with Moreton Bay LGA (0.8%). Vacancy rates in Bribie Island have significantly improved since April’s peak due to COVID-19 conditions and is continuing to trend downwards. This confirms there is an increasingly healthier rental demand and investors can be confident of a conducive investment environment in the area.