Buninyong Property Market Update 1st Half of 2021

In Q1 2021, Buninyong recorded a median house price of $730,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 12.1% for houses. Between Q1 2020 – Q1 2021 total sales increased, by 70.0% for houses (to 17 sales). Median price growth and increased sales suggests real returns on capital investment in Buninyong. Most of the residential supply is in the form of land lots, which will suit those wanting to build, however there is an opportunity in the ready-to-sell market. Now is the time to transact, for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened to -3.3% for houses. Market conditions in Buninyong are shifting towards a seller’s market as buyers are willing to offer closer to the first asking price. This makes it a perfect opportunity for vendors to sell their home.

In March 2021, house rental yields in Buninyong were recorded at a healthy 3.4%. In the 12 months to Q1 2021, the median house rental price surged by 22.2% to $440 per week, due to low stock levels coupled with high demand. This places Buninyong as a strong market, and there is room for investors to enter the market to sustain supply levels.

2 bedroom houses have provided investors with +4.0% rental growth annually, with a median rent of $260 per week.

Also in March 2021, Buninyong recorded a significantly low vacancy rate of 0.4%, which is well below Ballarat LGA (1.0%) and that of Melbourne Metro (4.4%). Vacancy rates in Buninyong remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% throughout COVID-19 and is currently at historical lows. There is still an influx of rental demand in the area, creating a highly conducive investment market for investors.