Albury PRD Market Update 1st Half of 2020
In Q4 2019, Albury recorded a median house price of $372,500, and a median vacant land price of $147,500. This represents annual (Q4 2018 – Q4 2019) median price growth of 6.4% for houses and price stability for vacant land. At the same time, total sales in both markets slowed for Q4 2019, down by -5.2% for houses to 237 sales and by -37.5% for vacant land to 40 sales. Capital growth and less sales competition makes now an ideal time to sell in Albury.
Average vendor discounts between Q4 2018 and Q4 2019 have slightly widened to -4.8% for houses and to -5.8% for vacant land. Market conditions in Albury continue to favour buyers, where sellers are willing to negotiate below their initial listing price. This makes now a good time to enter the market.
Over the past 12 months house rental yields in Albury (2640) have remained steady, sitting at 4.8% in December 2019. This suggests the house rental market is in a healthy position, despite a slight decrease in demand for house rentals in Albury across the same time period (-17.2% in the 12 months to Q4 2019).
4+ bedroom houses provided investors with +3.8% rental growth annually, achieving a median rent of $410 per week.
Albury (2640) recorded a vacancy rate of 1.8% in December 2019, which represents a healthy stabilisation after a sharp decline over the previous 24 months. This signifies a healthy rental demand exists for properties in Albury (2640), which is good news for investors.