Albury recorded median prices of $365,000 for houses and $145,000 for vacant land in Q4 2018. This resulted in an annual (Q4 2017 – Q4 2018) a median price increase of 9.8% for houses, while vacant land median prices remained stable. By comparison, the 2nd Half 2018 Albury Property Factsheet reported price growth of 8.6% (house) and 4.6% (land).
This suggests houses in Albury have continued to grow in value, while land values have remained unchanged after strong recent growth. A decline in total sales despite median price increases (houses) and stability (vacant land) is a positive sign for property owners in Albury, making now an ideal time to sell in an undersupplied market with steadily increasing prices.
The wider City of Albury Local Government Area (LGA) continues to trend largely on track with Albury with identical median prices as of Q4 2018 for houses and land. Annual growth (Q4 2017 – Q4 2018) has remained stable for vacant land while houses saw a 10.6% increase. This puts the LGA in largely the same overall position as Albury in terms of property value and median price growth.
In the 12 months to Q4 2018, median house rent increased by 4.5% to $350 per week, while units saw a slight softening of -4.1% to $235 per week. Albury’s rental yields of 5.2% (house) and 5.7% (unit) is strong compared to Sydney Metro (2.9% and 3.9% respectively), placing Albury as a continuing key regional investment area.
An estimated $21.0M of development is scheduled for commencement in Albury in the 1st half of 2019. A majority of this development is infrastructure projects, at $7.4M (or 35.1%). A total of 21 units and 4 townhouses are planned in Albury for the period.