Nagambie Property Market Update 2nd Half 2024
Nagambie offers a serene lifestyle with beautiful lakeside views and plenty of outdoor activities like boating and bird watching. The town's family-friendly vibe and charming Victorian-era main street make it an inviting place to call home.
Property Trends
In Q3 2024, Nagambie recorded a median house price of $515,000, and a median land price of $270,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 2.7% for houses and 1.9% for land. Comparing Q3 2023 and Q3 2024, sales decreased, by -18.8% for houses (to 13 sales in Q3 2024) and -44.4% for land (to 5 sales in Q3 2024), which indicates a clear undersupply for both property types. This confirms now is an ideal time for owners to capitalise on their investments. With no ready-to-sell housing stock planned for 2024, buyers need to act fast, as prices are likely to rise further.
Project Development
The Shire of Strathbogie plans to see approx. $10.1M of 16 new infrastructure projects due to commence construction in 2024. There are no residential projects such as stand-alone houses, units/apartments, and townhouses. This lack of new housing supply suggests the current undersupply will likely continue. As a result, house prices are expected to experience further increases. Thus, buyers need to act fast.
Rental Market & Growth
House rental yields in Nagambie was 3.7% as of September 2024, slightly below Northern Victoria (4.0%), but higher than Melbourne Metro (3.1%). That said, median house rental price increased by 7.8% in the past 12 months to Q3 2024, at $555 per week. The number of houses rented declined by -61.5%, indicating an undersupplied house rental market. This is good news for first-time investors looking for an alternative and more affordable option to Melbourne Metro.
Vacancy Rates & Property Investment
Nagambie recorded a vacancy rate of 2.4% in September 2024. Despite reaching peak vacancy rate levels in July and August 2023, vacancy rates have steadily declined in the past 12 months, which suggests a tighter rental demand. Further, a 2.4% vacancy rate is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating there is a quicker occupancy of rental properties. This confirms Nagambie as a conducive environment for investors, even if median house prices have increased in the past 12 months to Q3 2024.
