Albury Research Factsheet 2nd Half 2017
Albury and its larger local government are is currently providing a more affordable option for those wanting to enter the property market, due to a slight softening in it’s house median price (-3.2%) over the past 12 months to Q2 2017. Albury house median price is currently recorded at $305,000, while the Albury City Council LGA house median price is $308,000. Those interested in vacant land can expect a median price of $142,250; which represents a 7.4% price change over the past 12 months.
Albury and its larger local government are is currently providing a more affordable option for those wanting to enter the property market, due to a slight softening in it’s house median price (-3.2%) over the past 12 months to Q2 2017. Albury house median price is currently recorded at $305,000, while the Albury City Council LGA house median price is $308,000. Those interested in vacant land can expect a median price of $142,250; which represents a 7.4% price change over the past 12 months.
Median rents in Albury have remained relatively stable, at $300 (house) and $220 (units) in Q2 2017. Yields have remained strong, currently at 5.1% (houses) and 8.0% (units). Additionally, vacancy rates have declined to 2.8% in Q2 2017, suggesting an increasing trend in rental demand. Affordable median sale prices, low vacancies, and strong yields is ideal for current and prospective investors in the rental market; as they will be rewarded due to conducive conditions for sustainable returns.
Project Development in the Albury City Council region for 2nd Half 2017 is estimated at $65.3M, which will include commercial, residential, mixed use, industrial and infrastructure projects. This wide scope of projects offers a balanced portfolio for Albury and will see that residential demand is met with future supply. A significant commercial project commencing in 1st half 2017 is the Mantra Albury development, valued at approx. $20.0M. This project will deliver a 5 star hotel with up to 158 rooms and associated facilities. This will attract further tourism activity and create local jobs.
