Two new property reports have cast a strong light on the Bunbury property scene, highlighting multiple key figures that may help buyers, renters, and sellers understand what they can expect from the suburb.
As of September 16, Residex reports that there are currently 2,608 dwellings in the suburb. Of those, 30 per cent are fully owned, 41 per cent are rented, and 22 per cent are being purchased.
The median house price in Bunbury is currently sitting at $542,000, which is considerably lower than the national average of $613,900 for dwellings, according to Australian Bureau of Statistics data from earlier this year. With such a comparatively affordable median, it's no wonder that Bunbury is such an attractive option. Further to this, the median unit price in the suburb is $339,000.
Additionally, CoreLogic's latest report on Bunbury shows that there were 2,871 dwelling sales in the year to May 2016, which is a full 14 per cent down on the year previously.
Essentially, Bunbury's property market is currently something of a mixed bag, which means there are pros and cons for buyers, depending on their own situation.
Bunbury's property market is currently something of a mixed bag.
For example, a dwelling in the suburb is now expected to sit on the market for an average of 116 days – a full 11 days longer for houses and 10 days longer for units than a year ago. This can mean that buyers can spend a little more time finding the right property and the right price, as there seems to be less of a rush to sign the papers.
CoreLogic's data also shows that the cost of buying a unit has dropped by 6 per cent compared with last year, which might be perfect for unit-buyers looking for a bargain. However, the average price for house values is up by 3 per cent.
Those looking to put their property on the market may therefore have a slightly longer wait than a year ago. That said, they may also be able to expect a slightly higher sale price for homes. And even though that figure is only up a little from 12 months ago, it's still a full 10 per cent ahead for the five-year change in median values.
Fortunately for renters, rates are down by a full $20 per week from a year ago for houses and units, which could save as much as $1,040 over the space of 12 months.
For those renting out properties, yields continue to remain steady for units (5.3 per cent) and houses (5.1 per cent), making this one of the few areas that haven't seen much in the way of change.