Wodonga Property Market Update 1st Half of 2024
In Q4 2023, Wodonga recorded a median house price of $560,000, and a median land price of $225,000. This represents annual (Q4 2022 – Q4 2023) price growth of 8.0% for houses but a softening of -9.4% for land. Annually and quarterly total house sales have increased, to a record high of 95 sales in Q4 2023. This suggests a high demand for houses, creating a buffer against higher interest rates. The vacant land market also shows resilience.
Average vendor discounts between Q4 2022 and Q4 2023 have widened for both property types, to -3.9% for houses and -12.7% for vacant lands. Market conditions continue to favour buyers, especially vacant land, as sellers are willing to accept below the first listing price. Although average vendor discount for houses has been steady for the past 6 months, past data shows that there is a tendency for tighter discount. Thus, now is an ideal time to act.
House rental yields in Wodonga was 4.1% as of December 2023, higher than Canberra Metro (3.2%). This was paired with a 6.7% increase in median house rental price in the past 12 months to Q4 2023, currently at $480 per week. This is alongside a 23.2% increase in the number of houses rented (to 175 houses). Further, average days on market to let declined by -5.3%. This suggests a highly demanded rental market, which is beneficial to investors.
4+ bedroom houses recorded a 9.3% rental growth annually, at a median of $530 per week.
Wodonga recorded a vacancy rate of 0.7% in December 2023, well below Wodonga LGA’s 1.1% and Canberra Metro’s 2.1% average. Vacancy rates have slightly increased in the past 12 months, potentially due to investors returning to market and capitalising on rental demand. But a 0.7% vacancy rate is still very low, well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests a conducive and sustainable environment for investors.
