Nundah Property Market Update 1st Half of 2020
In Q1 2020, Nundah recorded a median house price of $793,000, and median unit price of $365,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 3.0% for houses and a softening of -8.8% for units. Between Q1 2019 – Q1 2020 total sales declined for houses, by -17.4% to 19 sales, however sales increased for units, by 22.2% to 66 sales. Nundah shows signs of resilience and unique opportunities, as house owners can be more confident of their asset value and unit buyers can find more affordable properties.
Average vendor discounting between Q1 2019 and Q1 2020 has swung to a premium of 2.1% for houses and continued to tighten to -3.2% for units. House buyers now need to offer higher than the first list price, whereas unit buyers can still capitalise on a discount.
House rental yields in Nundah were recorded at 3.8% in December 2019, similar to Brisbane Metro. Median house rental price in Nundah increased by 4.4% in the 12 months to Q1 2020, currently at $470 per week. This suggests that the house rental market is at a healthy position.
3 bedroom houses provided investors with +2.2% rental growth annually, achieving a median rent of $470 per week.
Over the past 12 months to December 2019, Nundah recorded a vacancy rate of 1.7%, sitting well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Vacancy rates in Nundah have continued to record a declining trend over past 24 months, which indicates an increasingly healthier rental market. This is good news for investors as their properties are being occupied quicker.