Tumut Property Watch Q4 2013

The Tumut Shire area is undergoing an economic recovery after a period of lacklustre performance following the Global Financial Crisis (GFC). Located at the foothills of the Snowy Mountains and Riverina district, Tumut is a rural-industrial town which is also renowned for its natural and lifestyle attraction.

A diverse range of employment sectors, country-town atmosphere and reasonable proximity to Canberra make Tumut an attractive proposition for those seeking greater affordability without diminished opportunity. With a suburban population of more than 6,000, the suburban centre of Tumut acts as a service hub for a total regional population in excess of 10,000. The suburban centre hosts a number of key services including schools, hospital and health services and a TAFE campus, as well as commercial precincts, accommodation and sporting and recreational facilities.

Tumut Shire residential housing has rebounded strongly from post-GFC lows over the 12 months to October 2013. The median house price increased 11.1 per cent (to $250,000) over this period while transaction volume rose by a significant 25.6 per cent. A lack of new vacant land releases suitable for residential development should act to provide a level of support to existing dwelling values in the near-term.

Looking towards the medium term, the downward trend emerging in the Australian Dollar should act to enhance the competitiveness of local organisations in the manufacturing and primary industries sectors. These sectors are key to employment within the Tumut Shire and growth in these areas will be important in promoting growth within the region.