Albury Research Factsheet 1st Half of 2018
Albury recorded a median house price of $335,000 and $140,000 for vacant land in Q4 2017, representing an annual price change of 1.5% and 3.7% respectively. Over the same period of time (Q4 2016-Q4 2017) house prices in Albury LGA softened by -2.6% (to $331,500), which indicates that current owners will benefit from higher capital growth in Albury. Vacant land prices in Albury LGA for Q4 2017 is $145,000 – suggesting Albury is a more affordable option, without compromising on positive capital growth.
Average days to sell houses in Albury has significantly declined over the past 12 months, from 81 days (Q4 2016) to 64 days (Q4 2017). This suggest a more competitive market. Average vendor discounting for houses has tightened over the past 12 months to Q4 2017, currently at -4.1%. Vacant land average vendor discounting has also tightened, to its tightest figures over the past 6 quarters of -3.8%. Buyers are more willing to offer closer to first list price, meaning the time to sell is now.
Median rent in Albury has seen positive growth for both houses and units over the past 12 months to Q4 2017, by 1.5% (to $330 per week) and 2.2% (to $235 per week) respectively. This is good news for astute investors, especially as the number of houses and units rented have also increased – by 12.1% and 17.6% respectively. Current investors in postcode 2640 are enjoying 4.4% (house) and 5.5% (unit) rental yields; whilst those in postcode 2641 are benefitting from 5.8% (house) and 6.5% (unit) rental yields.
Albury is set to invest approx. $183.2M worth of projects in the 1st half 2018, with the top 15 projects totaling $171.5M. Of this, 42.2% are industrial and 31.0% are infrastructure, providing a balance to the 26.8% of residential projects planned.