Bundaberg Property Market Update 1st Half of 2020
In Q1 2020, Bundaberg recorded a median house price of $245,000, and a median unit price of $200,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 2.7% for houses and 13.7% for units. Between Q1 2019 – Q1 2020 total sales slightly declined, by -8.3% for houses (to 110 sales), and by -15.4% for units (to 11 sales). The Bundaberg property market shows signs of resilience through capital growth over the past 12 months to Q1 2020, and with less stock available now is an ideal time to sell.
Average vendor discounting between Q1 2019 and Q1 2020 has tightened to -3.8% (houses) and -1.8% (units). There are signs of market recovery and the current market conditions in Bundaberg are attractive to both buyers and sellers, as sellers can achieve a final sale price closer to their first list asking price, yet buyers can still enjoy a minor discount.
House rental yields in Bundaberg were recorded at a heathy 5.0% in December 2019, slightly below the wider Bundaberg LGA’s 5.3% but well above Brisbane Metro’s 3.9%. The house rental market is in a strong healthy position, particularly when combined with the increased rental median price over the past 12 months to Q1 2020, up +3.3% to $310 per week.
2 bedroom houses provided investors with +3.8% rental growth annually, achieving a median rent of $270 per week.Bundaberg recorded a vacancy rate of 1.4% in December 2019. This represents a healthy market, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Furthermore, Bundaberg recorded vacancy rates were below Bundaberg LGA’s 2.3% and Brisbane Metro’s 2.9%. This confirms there is a healthy rental demand in Bundaberg, which is good news for investors.