Tumbarumba PRD Market Update 1st Half of 2020
In the 2nd half of 2019, Tumbarumba recorded a median house price of $189,000, and a median vacant land price of $47,500. This represents an annual (2nd half of 2018 – 2nd half of 2019) median price softening of -1.6% for houses and growth of 5.5% for vacant land. During this time sales slowed, by -33.3% for houses (to 30 sales) and by -37.5% for land (to 10 sales). Limited land sales make this data more volatile, however Tumbarumba remains a highly affordable option for home and land buyers alike.
Average vendor discounting between H2 2018 and H2 2019 tightened for houses to -5.9%, while no discounts were disclosed for vacant land sales. Market conditions in Tumbarumba continue to favour buyers, where sellers are willing to negotiate below their initial listing price. With discounts available in an already affordable area, now is a good time to buy.
Over the past 12 months, house rental yields in Tumbarumba softened to sit at 4.4% in December 2019. The house rental market appears to be in healthy demand however, with an unchanged number of houses rented in the 12 months to 2nd half 2019 (a total of 25 houses).
4+ bedroom houses provided investors with -1.7% rental growth annually, achieving a median rent of $285 per week.
Tumbarumba recorded a vacancy rate of 0.8% in December 2019, which represents a continued declining trend, and is the lowest vacancy rate recorded to date. This confirms there is an increasingly healthy rental demand for local property, which combined with a highly affordable median house price presents Tumbarumba as an attractive market for investors.