Bungendore Property Market Update 2nd Half of 2020
In Q2 2020, Bungendore recorded a median house price of $780,000, and a median vacant land price of $339,000. This represents annual (Q2 2019 – Q2 2020) median price growth of 5.8% for houses and of 10.2% for units. During Q2 2019 – Q2 2020, total house sales improved, by 33.3% to 24 sales, while 3 vacant land sales were recorded. Overall, this suggests Bungendore as a highly resilient market during COVID-19 conditions, particularly with median house price growth and increased sales activity. Now is the time to transact.
Average vendor discounts between Q2 2019 and Q2 2020 have slightly widened for houses, to sit at -4.1%. Market conditions in Bungendore continue to favour buyers overall, as sellers are willing to negotiate below their initial listing price. Now is the time for first home buyers to enter the market.
Over the past 12 months, house rental yields in Postcode 2620 increased slightly to reach 4.1% in June 2020. This suggests the house rental market is in a healthy position, particularly when combined with the -17.3% decline in average days to rent, down to 26 days in the 12 months to Q2 2020.
3 bedroom houses have provided investors with +8.5% rental growth annually, achieving a median rent of $543 per week.
Postcode 2620 recorded an extremely low vacancy rate of just 0.5% in June 2020. This represents a declining trend since June 2019 and an even sharper decline since December 2019, in contrast to what is expected due to COVID-19 conditions. Furthermore Postcode 2620 vacancy rate is even lower than Canberra Metro’s 1.1%, which confirms there is a healthy rental demand for properties in the area and a conducive market for investors.