Nundah Property Market Update 1st Half of 2024
In Q1 2024, Nundah recorded a median house price of $950,000 and a median unit price of $541,000. This represents an annual (Q1 2023 – Q1 2024) median price softening of -20.8% for houses, but a growth of 17.6% for units. Total sales increased by 12.5% (to 18 sales) for houses and by 11.9% for units (to 122 sales). Confidence has returned to the Nundah market, as evidenced by the high demand for both property types. The current lower house prices make it a favourable time for buyers to enter the market. On the other hand, the rising unit prices indicate a strong opportunity for investors looking to capitalize on their investments.
Average vendor discounts between Q2 2023 and Q1 2024 have tightened to a smaller discount of -0.3% for houses. For units, the premium to purchase has increased higher, to 4.2%. This indicates that sellers are accepting slightly less than the first list price for houses, but buyers must offer above the first list price for units. The market in Nundah is now shifting to favour sellers; thus, buyers should act fast.
House rental yields in Nundah was 3.3% as of May 2024, on par with Virginia and Brisbane Metro (both 3.4%). Further, median house rental price increased by 9.2% in the past 12 months, at $688 per week, and the number of houses rented declined by -7.7% (to 24 homes). Overall, this suggests an undersupplied rental market in Nundah, which is good news to investors.
3+ bedroom houses have provided investors with +23.6% rental growth annually, achieving a median rent of $680 per week.
Nundah recorded a vacancy rate of 1.0% in April 2024, on par with Brisbane Metro’s 1.0% and slightly below the Virginia’s 1.1%. Vacancy rates have slightly increased in the past 12 months, due to investors returning to the market. However, a 1.0% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests properties are rented quicker rental in Nundah. This creates a conducive and sustainable environment for investors, especially as the median house sales price (thus entry price) has decreased in the past 12 months to Q1 2024.
