Bungendore Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q2 2024, Bungendore* recorded a median house price of $967,500, and a median vacant land price of $487,500. This represents annual (Q2 2023 – Q2 2024) median price contractions of -0.1% for houses and -17.3% for vacant land. Comparing Q2 2023 vs Q2 2024 sales decreased, by -36.6% (to 26 for houses in Q2 2024) and by -36.4% (to 7 for land in Q2 2024). This is mostly due to higher interest rates and cautious consumers. House prices in Q2 2024 are slightly more affordable than 12 months prior, and there is less competition in the market, thus now is an ideal time for buyers to act; especially with no new houses in the horizon.
CHANGE FROM LAST
YEAR
FUTURE DEVELOPMENTS Bungendore is set to see approximately $2.4M worth of new projects commencing 2024 and 2025
HALF YEAR
HOUSE SALE S
Commercial
$2.4M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
LAND SALE S
Commercial projects will stimulate economic growth and create new jobs in Bungendore. This can have a spill-over impact on the real estate market, in the form of higher demand for housing stock.
LAND ME DIAN PRICE
A key commercial development over 2024 and 2025 is the Malbon Street Commercial Premises Alterations and Additions ($800K).
$ MARKET CONDITIONS SALES
MEDIAN PRICE Q2 2024
$967K
$487K
MEDIAN PRICE Q2 2024
$650
AVERAGE DAYS ON MARKET Q2 2024
29
25
HOUSE
L A N D
RENTALS
N/A
AVERAGE DAYS ON MARKET Q2 2024
29
25
HOUSE
L A N D
Another notable commercial development is the Royal Hotel Bungendore Alterations and Additions ($648.5K). Between 2024 – 2025 there is an absence in residential projects in the suburb of Bungendore. There is a reliance on older / established stock becoming available for sale, as there are no new ready-to-sell houses, units, or apartments built. Although this may suit the current situation, with less sales recorded in the past 12 months, this is not a sustainable plan for the future. As more commercial and infrastructure projects are built so will the number of people living in Bungendore. Thus now is an ideal time for developers to enter the market.