Buninyong Property Market Update 1st Half of 2020
In Q1 2020, Buninyong recorded a median house price of $500,000, and vacant land median price of $292,000. This represents annual (Q1 2019 – Q1 2020) median price softening of -9.1% for houses. Between Q1 2019 – Q1 2020 total sales slowed, by -52.6% for houses (to 9 sales). The Buninyong property market is showing signs of a market cooling, and more affordable prices. This provides an ideal opportunity for first home buyers to enter the current market and secure their dream home.
Average vendor discounting between Q1 2019 and Q1 2020 has widened to -7.9% for houses. This indicates that market conditions in Buninyong continue to favour buyers, where vendors are accepting prices below the listing price. This is a great opportunity for first home buyers and investors.
House rental yields in Buninyong were recorded at 3.4% in December 2019. This suggests that the house rental market is at a healthy position, particularly when combined with the increase in rental demand across the same time period (up by 28.6% in the 12 months to Q1 2020).
3 bedroom houses provided investors with +24.2% rental growth annually, achieving a median rent of $385 per week.Over the past 12 months to December 2019, Buninyong recorded a vacancy rate of 0.4%, dropping from 0.6% in December 2018. Vacancy rates in Buninyong have continued to record a declining trend over the past 12 months. This is an extremely tight vacancy rate which indicates an extremely healthy rental market. This is good news for investors as their properties are being occupied quicker.