Bungendore PRD Market Update 1st Half of 2020
In Q4 2019, Bungendore recorded a median house price of $670,000, and a median vacant land price of $320,000. This represents an annual (Q4 2018 – Q4 2019) median price softening of -1.3% for houses and median price growth of 1.7% for vacant land. In this time total sales for houses improved by 43.5% (to 33 sales in Q4 2019) whilst vacant land sales were steady (9 sales in Q4 2019). With underlying land values and demand for houses increasing the Bungendore market is in good health to buy and sell in.
Average vendor discount between Q4 2018 and Q4 2019 has tightened for houses, to -3.9%. This is good news for buyers, as sellers are willing to negotiate below their initial listing price.
Over the past 12 months house rental yields in Postcode 2620 remained steady, sitting at 4.2% in December 2019. A solid increase in house rental demand in Bungendore across the period (up +50.0% to 24 rentals in the 12 months to Q4 2019) also occurred, suggesting the rental market is in a healthy position.
4+ bedroom houses provided investors with +4.8% rental growth annually, achieving a median rent of $650 per week.
Postcode 2620 recorded a vacancy rate of 1.6% in December 2019, reflecting a rate which is reflective of a highly competitive market, and is below Canberra Metro (1.8%). This further confirms there is a healthy rental demand in Postcode 2620 and should encourage increased buyer activity in Bungendore.