Albury Property Market Update 1st Half of 2021
In Q4 2020, Albury recorded a median house price of $415,000, and a median vacant land price of $150,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 7.8% for houses and a price softening of -4.0% for land. Between Q4 2019 – Q4 2020 total sales in both markets increased sharply, up by 28.2% for houses (to 336 sales) and by 36.0% for land (to 102 sales). Growth in median house price, coupled with increased sales, indicate real returns in investment. With the Albury median house price recording a historical high of above $400,000, now presents a good opportunity to sell.
Average vendor discounts between Q4 2019 and Q4 2020 have tightened for both property types, to -2.5% for houses and -1.0% for vacant land. Market conditions in Albury provide unique opportunities, with sellers achieving a final sale price closer to their first list price, yet buyers are benefitting from a discount. Now is an ideal time to transact in the market.
In December 2020, house rental yields in Albury were recorded at 4.3%. In the 12 months to Q4 2020, the median house rental price has remained stable at $360 per week, while average days on the market declined sharply by -25.0% (to just 18 days). Overall, this shows the resilience of Albury’s rental market throughout COVID-19.
3 bedroom houses have provided investors with +3.8% rental growth annually, achieving a median rent of $332 per week.
Also, in December 2020, Albury recorded a very low vacancy rate of 0.6%, on-par with the wider Albury LGA (0.6%) and well below Sydney Metro (3.6%). Vacancy rates in Albury remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and has continued a declining trend over the past three years even amidst COVID-19 conditions. This confirms there is a healthy rental demand in Albury, providing a conducive environment for investment.