Albury Property Market Update 2nd Half of 2023
In Q2 2023 Albury recorded a median house price of $547,000, representing an annual (Q2 2022 – Q2 2023) 2.2% growth. That said, on a quarterly basis (Q1 2023 – Q2 2023), this represents a relatively stable growth. This suggests a resilient market throughout cash rate hikes, underpinned by an undersupply as total house sales declined annually and quarterly; with Q2 2023 recording the lowest number of sales (227 sales). Albury recorded a median vacant land price of $215,000 in Q2 2023, softer compared to 12 and 6 months ago. Both house and land markets create new opportunities for first home buyers.
Average vendor discounts between Q2 2022 and Q2 2023 have widened to a higher discount, of -3.3% for houses and -3.1% for land. House and land market conditions in Albury continue to favour buyers, where sellers are willing to sell below the initial listing price. That said Q2 2023 average vendor discount is less than Q1 2023, which suggest buyers must act fast.
House rental yields in Albury was 3.8% in June 2023, higher than Sydney Metro (2.8%). Median house rental price remains stable in the past 12 months to Q2 2023, along with an increase in the number of houses rented (up by 37.3% to 313 rents). The unit rental market saw a 9.7% growth in price, to $340 per week, alongside a 16.3% increase in the number of units rented. Overall, this points to a highly demanded rental market, with a more affordable price point than Sydney Metro.
2-bedroom houses have provided investors with +10.0% rental growth annually, achieving a median rent of $330 per week.
Albury recorded a vacancy rate of 1.5% in June 2023, which is slightly below Sydney Metro’s 1.7% average. Vacancy rates in Albury have steadily increased over the past 12 months, due to investors re-entering the market and capitalising on the tight rental market. This is still below the Real Estate Institute of Australia’s balanced supply and demand benchmark of 3.0%, thus Albury¥ continue to present a conducive and sustainable environment for investors.
