PRD Bungendore 2017 Research Just Released
The Bungendore property market recorded a median house price of $676,000 and $267,000 for vacant land in Q3 2017, representing an annual price change of 15.6% and 4.7% respectively. Over the same period of time median house prices in Queanbeyan-Palerang LGA grew by 8.8% to $630,000 and median vacant land prices grew by 4.3% to $277,500. Bungendore proves to have a premium house market when compared to the wider LGA, with higher median price and capital growth. The vacant land market in Bungendore provides a unique combination of affordability and slightly higher capital growth when compared to the wider LGA.
Median house rents in Bungendore has shown positive growth over the past twelve months to Q3 2017, currently at $550 per week. What’s more, this has occurred even with an increasing amount of houses being rented. This is confirmed by continuously low vacancy rates, at 0.9% in September 2017. This suggests that investors can be confident in long term positive and sustainable returns in Bungendore.
Bungendore and its surrounding area is set to see approx. $210.6M of projects commencing in 2016 - 2018. Commercial account for the majority of development value (88.6%), totalling an estimated $186.6M of projects. This is followed by residential developments (7.2% or $15.2M) and infrastructure (4.2% or $8.9M).
In 2016 – 2018 Bungendore* plans to add 49 new units, 61 dwellings, and 40 lots into the market; spread over four projects. This includes the Braidwood Residential Development (two separate projects, both due for completion in early 2018), the Forsters and Butmaroo streets seniors independent living development (due to commence construction in early 2018), and the Newington Rd Subdivision (due to commence construction in mid-2018).
A key commercial project in the pipeline is the Capital II Wind Farm, scheduled to commence in late 2018. This includes the construction of a new wind farm adjacent to the existing Capital Wind Farm, estimated at approx. $180.0M. This will further fuel local job growth, with positive spill-over effects into the property market.
