Nundah Property Market Update 2nd Half of 2020
In Q3 2020, Nundah recorded a median house price of $800,000 and a median unit price of $405,000. This represents annual (Q3 2019 – Q3 2020) median price stability for both property types throughout COVID-19. However, total sales between Q3 2019 – Q3 2020 strengthened, by 22.7% for houses (to 27 sales) and by 5.5% for units (to 77 sales). This indicates that vendors are comfortable in selling their properties, knowing that they will achieve a great price due to increased demand. Those wanting to enter the market can be encouraged by stable property prices throughout COVID-19.
In the 12 months to Q3 2020, average vendor discount has widened for houses (-3.7%) but slightly tightened for units (-3.6%). The Nundah market provides unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Nundah were recorded at 3.4%. In the 12 months to Q3 2020, median house rental price grew by 2.1% to $480 per week. This is also in conjunction with average days on the market declining by 16.0% (to 21 days). Overall, this represents an extremely resilient rental market amidst COVID-19 conditions.
3 bedroom houses provided investors with +8.5% rental growth annually, achieving a median rent of $510 per week.
Also, in September 2020, Nundah recorded a low vacancy rate of 1.6%, sitting well below that of Brisbane Metro (2.0%). Vacancy rates in Nundah have proven to remain at a healthy level even throughout COVID-19 conditions, overall trending downwards and staying under the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This is quite surprising considering Nundah was marked for an oversupply of units. These key indicators should instil confidence in investors.