Nundah is situated in Brisbane’s inner north, approximately eight kilometres from the Brisbane CBD. Over the past decade Nundah has emerged as one of Brisbane’s key urban renewal suburbs. The suburb is within close proximity to the largest employment hubs in the state and is serviced by major transport infrastructure.
According to CoreLogic rpData, the total population of Nundah is approximately 10,386, with the average age of household members currently sitting at 34 years of age. The median weekly household income is approximately $1,317. The majority of residents in Nundah are either mature independents or young independents. There is also a huge population of students living in this area as it is linked to QUT Kelvin Grove via TransLink rail and bus services. TAFE Queensland also has two SkillsTech campuses in neighbouring Eagle Farm and Bracken Ridge.
Rental Market Performance
Over the past five September quarters, growth in median weekly rents across Nundah’s one and two-bedroom apartment markets has been strong. The median weekly rent of one bedroom apartments has grown by more than 18% (or $55 per week) and two bedroom apartments rents have grown by more than 10% (or $40 per week). This growth has been significantly higher than that recorded throughout the greater inner northern region of Brisbane.
The average gross yield across Nundah’s apartment market sits at 5.2%. This high yield has been evident for the past year. Nundah also boasts a tight vacancy rate of 2.8%, with a vacancy rate of 3.0% generally being accepted as representative of a balanced rental market.
Median Property Price
Median property prices include sales and rentals of old and new housing stock.
According to realestate.com.au the median property house price in Nundah is $652,500 and the median rent is $445/wk. House price medians for sales & rents are:
The median property prices change a little when units are involved. The average price to buy a unit in Nundah currently sits at $401,750, a three-bedroom unit sits at $475,000 and two bedrooms’ averages at $384,000. Renting these units is a little more affordable with the average rent price currently $380 per week. A three-bedroom unit rents for an average of $440 per week, $390 per week for a two-bedroom unit and $300 for a one-bedroom unit.
Sales Price Growth
Nundah is performing very well in the market place with a median price growth of 5.9% per annum, over the last 10 years. Apartment demand has remained consistent over both the long (10 year) and medium (5 year) terms at around 290 sales per annum. This is a strong indicator that there is a level of pent up demand which exists for new product across the market.