Bargara Property Market Update 2nd Half of 2022
In Q2 2022, Bargara recorded a median house price of $575,000, and a median unit price of $456,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 25.3% for houses and 15.4% for units. Total sales decreased between Q2 2021 – Q2 2022, by -18.7% (to 139 sales) for houses and by -15.6% for units (to 27 sales). There is an undersupplied market for both property types, as median price growth is alongside less sales (due to low stock). Owners looking to sell can capitalise on their investment, and an undersupplied market potentially provide a buffer in a rising cash rate setting.
Average vendor discounts between Q2 2021 and Q2 2022 have rapidly swung for both property types, to premiums of 2.2% for houses and 3.9% for units. Market conditions in Bargara are favouring vendors, as buyers are willing to offer above the initial listing price. This has remained the case for the past three quarters.
House rental yields in Bargara was 4.9% in June 2022, higher than Brisbane Metro (3.4%). This was paired with a 20.0% in median house rental price between Q2 2021 – Q2 2022, and a -6.3 decline in the number of houses rented. Also, average day on the market declined by -5.3%. Overall, this indicates an undersupplied rental market, which is beneficial for investors.
4+ bedroom houses have provided investors with +28.9% rental growth annually, achieving a median rent of $580 per week.
Bargara recorded a vacancy rate of 0.4% in June 2022, which is slightly below Brisbane Metro’s 0.6% average. A low vacancy rate suggests quicker occupancy – thus quicker rental cash flow. Vacancy rates in Bargara have held steady over the past 24 months, trending within 0.5%. This indicates stability in rental demand, thus continuous opportunity for investors. Despite the increase in median sale prices of property over the past 12 months these key indicators suggest a conducive and sustainable environment for investors, especially as Bargara is a more affordable market compared to Brisbane Metro.
