Bundaberg Property Market Update 1st Half of 2021

In Q1 2021, Bundaberg recorded a median house price of $290,000, and a median unit price of $220,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 13.8% for houses and 17.3% for units. Between Q1 2020 – Q1 2021 total sales in both markets increased, up by 17.2% for houses (to 157 sales) and by 77.3% for units (to 39 sales). Median price growth alongside increased sales suggests there is real returns on capital investment in Bundaberg. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -3.0% for houses and -3.5% for units. Market conditions in Bundaberg are shifting towards a seller’s market as sellers are achieving final sale prices closer to their first asking price. That said buyers can still benefit from a discount, thus now is the time to transact.

In March 2021, house rental yields in Bundaberg were recorded at a healthy 5.3%. In the 12 months to Q1 2021, the median house rental price increased by 10.9% to $355 per week, and average days on the market declining by -27.5% (to 16 days). Bundaberg has a strong rental market, with a lower entry price than Brisbane Metro.

4+ bedroom houses have provided investors with +8.6% rental growth annually, with a median rent of $380 per week.

Also in March 2021, Bundaberg recorded a significantly low vacancy rate of 0.5%, on par with Bundaberg LGA (0.5%), but well below Brisbane Metro (1.5%). Vacancy rates in Bundaberg have steadily declined over the past 3 years, and more so since December 2019. It has remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% despite COVID-19 conditions. This confirms there is an extremely conducive investment environment in Bundaberg.