Nundah Property Market Update 2nd Half 2024
Nundah offers a vibrant community atmosphere with trendy cafés, parks, and excellent public transport options, making it a convenient and enjoyable place to live. Its affordable housing and proximity to Brisbane’s CBD add to its appeal for families and professionals alike.
Property Trends
In Q3 2024, Nundah recorded a median house price of $1,050,000 and a median unit price of $590,000. This represents an annual (Q3 2023 – Q3 2024) slight price softening of -1.7% for houses, but a growth of 14.2% for units. Comparing Q3 2023 – Q3 2024 house sales surged by 45.8% (to 35 sales in Q3 2024), indicating robust demand, but unit sales declined by -17.7% (to 107 sales in Q3 3024), signalling an undersupply. Current lower median house prices present an opportunity for home buyers, however with no new houses planned buyers must act fast. Rising unit prices suggest now is an ideal time for owners to capitalize on their investments.
Project Development
Nundah plans to see approximately $97.2M of new projects commencing construction in 2024. All new stock planned are units. This will assist with some of the current demand; however, it is not enough. There are no new townhouses, or stand-alone houses planned. This suggests that the current softening in median house price is potentially only temporary.
Rental Market & Growth
House rental yields in Nundah was 2.7% as of September 2024, lower than Virginia (3.1%) and Brisbane Metro (3.2%). That said, median house rental price grew by 9.2% in the past 12 months to Q3 2024, at $750 per week, along with a surge of 38.5% in the number of houses rented (to 36 homes in Q3 2024). Overall, this suggests a highly demanded and competitive house rental market in Nundah, which is good news to investors.
Vacancy Rates & Property Investment
Nundah recorded a vacancy rate of 0.4% in September 2024, well below Virginia ‘s 0.6% and Brisbane Metro’s 1.1%. Vacancy rates have decreased in the past 12 months, due to renters returning to the already tight market. Furthermore, a 0.4% vacancy rate is significantly below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus properties are rented quicker in Nundah. This creates a conducive environment for investors, especially as the median house sales price (thus entry price) has decreased in the past 12 months to Q3 2024.
