Bungendore Market Update 1st Half 2025
In Q4 2024, Bungendore* recorded a median house price of $1,077,500 and a median vacantland price of $429,000.This represents annual (Q4 2023- Q4 2024) price growth of 6.4% for houses and a softening of -24.4% for vacantland. Comparing Q4 2023and Q4 2024, total sales surged by 23.8%(to 26 sales in Q4 2024)for houses and declined significantly to only 4 sales (in Q4 2024) forvacant land. The Bungendore* house market has become a highly demanded market, which created a buffer against higher interest rates (hence price growth). Thus, now is an ideal time for house owners tocapitalise on their investments. With very little-ready-to go stock in the 2025project pipeline, buyers must act quickly.
CHANGE FROM LAST
Bungendore£ will see approximately $35.2Mofnewprojectscommencing constructionbetween2022and2026
YEAR HALF YEAR
HOUSE SALES
HOUSE MEDIAN PRICE
HOUSE RENTAL PRICE
LAND SALES
LAND MEDIAN PRICE
MEDIAN PRICE Q4 2024
AVERAGE DAYS ON MARKET Q4 2024
90 $1.0M $427K
MEDIAN PRICE Q4 2024
AVERAGE DAYS ON MARKET Q4 2024
Residential projects due to commence construction in Bungendore between 2022and 2026 include:
• Elm Grove Estate (260 Residential Land Lots)
• 73Ellendon Street Units (14 Units)
The Bungendore Sport Hub is a main infrastructure project planned, which is a local government initiative. This will include constructing a recreational area, amenities block, and pathways. Along with several other infrastructure projects this will improve liveability for current Bungendore residents.
With a limited number of ready-to-go stock planned, Bungendore's housing market is likely to be undersupplied in the immediate/short term. This will push up prices, notonly for houses but also other stock types, as buyers look for alternatives in the market.
AVERAGE VENDOR DISCOUNT*
Average vendor discount reflects the average percentage difference between the first list price and final sold price. A lower percentage difference (closer to 0.0%) suggests that buyers are willing to purchase close to the first asking price of a property.
$1,200,000
$1,000,000
$600,000 $800,000
$400,000
$200,000
$0
Average house vendor discounts between Q4 2023and Q4 2024have tightened toa lower discount of -4.8%. This indicates that the house market is shifting towards sellers, and with very little new houses tobe built there is a high chance of an even tighter discount in the short term. On the other hand, average discount for land has widened, to -3.6%. This creates anopportunity forvacant land buyers, as sellers are willing to accept below the first list price.
The suburb of Bungendore has outperformed the wider the Queanbeyan-Palerang Local Government Area (LGA) in median house price for the past 5 years. This continued to be the case in 2024;however, the gap between suburb and LGA prices have become smaller, which creates an opportunity for first home buyers.
Most of the homes sold in Bungendore* across 2024were in the most affordable point of less than $999,999(52.9%).
26.4%of houses were sold in the premium price point of $1,150,000and above, which brings confidence toowners. Land sales were mostly in the more affordable price bracket of $400,000to$449,999(46.2%). This indicates there is a home or land forevery budget in Bungendore*.
MARKET COMPARISON
Bungendore (2621) House
Queanbeyan-Palerang LGA House Bungendore (2621) Vacant Land
Queanbeyan-Palerang LGA Vacant Land
The market comparison graph provides a comparative trend for median price of houses and units over the past 5 years. The main LGA chosen was based on their proximity to the main suburb analysed, which is Bungendore.
PRICE BREAKDOWN 2024
Less than $399,999
$400,000 to $449,999
$450,000 to $499,999
$500,000 to $549,999
$550,000 and above
RENTAL GROWTH 2025€
House rental yields in Bungendore¥ was 3.5%as of December 2024, which is slightly below the Queanbeyan-Palerang LGA(3.8%) average but onpar with Sydney Metro (3.5%). Median house rental price decreased by -7.0% in the past 12 months to Q4 2024,at $730per week. This creates an opportunity for renters. Thatsaid there is less number of houses available for rent (-5.0% in the past 12 months (to 19 houses in Q4 2024); suggesting roomfor more investors in the market.
2-bedroom houses have provided investors with +4.2%rental growth annually, achieving a median rent of $500per week.
Bungendore¥ recorded a vacancy rate of 2.7% in December 2024,on par with the QueanbeyanPalerang LGA average of 2.6%but lower than Canberra Metro’s 2.1%. Vacancy rates fluctuated in the past 12 months, butoverall showed a declining trend, thus an even tighter rental market. Furthermore, a 2.7% vacancy rate is just below tothe Real Estate Institution of Australia’s healthy benchmark of 3.0%, thus a quicker occupancy of rental properties in Bungendore¥. This creates a conducive environment for investors, even with a higher house price in the past 12 months.
RENTAL VACANCY RATES 2025
Bungendore (2621)¥
PROJECT DEVELOPMENT MAP 2025 ₳
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REFERENCES
* Bungendore sales market data and key indicators encapsulates aggregate property market conditions within the suburb of Bungendore.
** Estimated values are based on construction value provided by the relevant data authority and does not reflect commercial and/or re-sale value.
# 2024 encapsulates sales transactions for the 2024 full year (01/01/2024 – 31/12/2024).
€ Annual rental growth is a comparison between Q4 2023 (01/10/2023 – 31/12/2023)and Q4 2024 (01/10/2024 – 31/12/2024) house median rent figures.
¥ Bungendore rental market data encapsulates aggregate property conditions within the postcode of 2621.
§ Rental yields shown are as reported as of December 2024.
₳ Project development map showcases a sample of upcoming projects only, due to accuracy of addresses provided by the data provider for geocoding purposes.
£ Projects refers to the top developments within the suburb of Bungendore.
µ Estimated value is the value of construction costs provided by relevant data authority, it does not reflect the project’s sale/commercial value.
ψ Commencement date quoted for each project is an approximate only, as provided by the relevant data authority, PRD does not hold any liability to the exact date.
Source: APM Pricefinder, Cordell Connect database, SQM Research, Esri ArcGIS.
Disclaimer: PRD does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. PRD will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material.
Prepared by PRD Research. © All medians and volumes are calculated by PRD Research. Use with written permission only. All other responsibilities disclaimed. © Copyright PRD 2025.
