Albury Property Market Update 2nd Half of 2021

In Q2 2021, Albury recorded a median house price of $410,000, and a median vacant land price of $160,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 22.0% for houses and 3.2% for land. Between Q2 2020 and Q2 2021 total sales fluctuated, up by 17.0% for houses (to 282 sales) and by -64.3% for land (to 35 sales). Homeowners can benefit from real returns in investment, as house price growth is accompanied by higher transaction volumes. There is an undersupply in vacant land. Overall, now is ideal to sell as demand is exceeding supply levels in Albury.

Average vendor discounts between Q2 2020 and Q2 2021 have swung to a premium of 0.8% for houses. The Albury market has now shifted to favour vendors, where buyers must offer above the initial listing price. Now is the time for vendors to achieve premium results.

In June 2021, house rental yields in Albury were recorded at 4.2%. In the 12 months to Q2 2021, the median house rental price increased by 11.4% to reach $390 per week, while average days on the market declined by -30.3% (to 16 days). Overall, this represents a strong rental market throughout COVID-19, one that is inviting to astute investors.

4+ bedroom houses have provided investors with +9.8% rental growth annually, with a median rent of $450 per week.

Also in June 2021, Albury recorded a vacancy rate of 0.6%, generally on par with Albury LGA (0.5%) but well below that of Sydney Metro (2.8%). Vacancy rates in Albury have been on a declining trend since the peak of COVID-19 in April 2020 and as the economy gradually recovers have remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. There is a healthy rental demand and investors can be confident of a conducive investment environment in Albury.