Bargara Property Market Update 2nd Half of 2021

In Q3 2021, the Bargara and Coastal area recorded a median house price of $446,000, and a median unit price of $445,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 17.4% for houses and 26.1% for units. Between Q3 2020 – Q3 2021 total sales slowed, by -19.1% for houses (to 93 sales) and by -32.4% for units (to 25 sales). Current market conditions indicate an undersupplied market, as price growth is due to lower number of sales. High demand indicate now is an ideal time for owners to capitalise on their property, particularly in the unit market.

Average vendor discounts between Q3 2020 and Q3 2021 have swung to a premium for both property types, to 0.2% for houses and 0.0% for units. Market conditions in Bargara and Coastal have now shifted to favour sellers, where buyers are willing to negotiate above the initial listing price. Now is an ideal time for vendors to sell.

In September 2021, house rental yields in Bargara and Coastal were recorded at 5.3%. In the 12 months to Q3 2021, the median house rental price slightly softened by -1.3% to reach $385 per week, however average days on the market declined by -20.0% (to 16 days). Overall, this represents a healthy rental market in the Bargara and Coastal area.

4+ bedroom houses have provided investors with +12.5% rental growth annually, with a median rent of $450 per week.

Also in September 2021, the Bargara and Coastal area recorded a low vacancy rate of 0.4%, on par with Bundaberg LGA and well below Brisbane Metro (1.4%). Vacancy rates in the Bargara and Coastal area remain at a historical low over the past 12 months, and well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. There is a healthy rental demand and investors can be confident of a conducive investment environment in the Bargara and Coastal area.