Nundah Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
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 house price presents 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.
CHANGE FROM LAST
YEAR
Nundah* is set to see approximately $97.2M of new projects commencing construction in 2024. Commercial Industrial $10.3M $3.5M
HALF YEAR Infrastructure
HOUSE SALE S Mixed-Use
HOUSE ME DIAN PRICE
$65.0M
HOUSE RE NTAL PRICE
UNIT SALE S
A main mixed-use project in 2024 is Danby Lane Nundah Development ($57.0M), which will construct a 12storey mixed use building with 1 x 223sqm bar & 3 x retail/restaurant tenancies (61 - 84sqm) on ground floor, 3 office tenancies on level 1 (1 x 552sqm, 1 x 219sqm & 1 x 204sqm) and 84 apartments.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$
Other key projects include:
MARKET CONDITIONS MEDIAN PRICE Q3 2024
$1.05M
MEDIAN PRICE Q3 2024
$750
SALES
$590K
AVERAGE DAYS ON MARKET Q3 2024
24
16
HOUSE
U N I T
RENTALS
$582
$18.4M
AVERAGE DAYS ON MARKET Q3 2024
15
17
HOUSE
U N I T
•
Powerlink Queensland - Oil Laboratory (Infrastructure, $17.5M)
•
43-45 Bradbury Street Residential Care Facility (Commercial, $5.0M)
•
5-11 Ullswater Street Retail Warehouse (Industrial, $3.5M)
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.
84 Units/ Apartments