Now is the time to enter the market
Blog post courtesy of PRD Nationwide
In Q2 2019, Albury recorded a median house price of $329,400, and a median vacant land price of $145,000. This represents annual (Q2 2018 – Q2 2019) median price softening of -3.1% for houses and -9.1% for vacant land. At the same time, total sales in both markets slowed for Q2 2019, down by -32.5% for houses to 193 sales and by -26.5% for vacant land to 36 sales. Affordability growth and less competition in Albury makes now the time for buyers to act.
Average vendor discounts between Q2 2018 and Q2 2019 has tightened to -5.2% for houses and widened to -6.6% for units. Market conditions in Albury continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.
Over the past 12 months, house rental yields in Albury (2640) steadily increased to reach 4.7% in June 2019. This suggests the house rental market is in a healthy position, despite a slight decreased demand for rental properties in Albury across the same time period (-10.6% in the 12 months to Q2 2019).
3 bedroom houses have provided investors with +10.0% rental growth annually, achieving a median rent of $330 per week.
Albury (2640) recorded a vacancy rate of 1.5% in June 2019, which represents a steep declining trend over the past 24 months. There is an increasingly healthy rental demand for properties in Albury (2640), which is good news for investors.
Statistics: PRD Market Update 2nd Half 2019 – Albury