Tumbarumba Research Factsheet 1st Half 2018
The Tumbarumba property market recorded a median house price of $217,500 in Q4 2017, representing an annual growth of 3.6%. Meanwhile, the Snowy Valleys Council recorded a median house price of $250,000. Property prices in Tumbarumba sit just below the LGA, indicating that it offers a more affordable entry point into the market – yet with potential buyers being able to take advantage of positive capital growth.
House rents in Tumbarumba have experienced an impressive growth of 9.6% over the last twelve months up to Q4 2017, currently at $263 per week. Strong yields have been recorded in the Tumbarumba house market, currently sitting at 6.3% - which is much greater than Sydney's returns of 2.9%. Vacancy rates have remained competitive at 1.3%, indicating that Tumbarumba is highly attractive option for investment with high returns. Affordability and high returns will attract home buyers to the Tumbarumba market, which presents the need to provide more residential stock and employment opportunities to meet increasing future demand.
Tumbarumba has seen approx. $30.1M of new projects commencing between 2013 to 2019. Residential developments account for the majority of project value (66.5%), totaling an estimated $20.0M. This is followed by Infrastructure projects with approx. $10.1M (33.5%).
A significant project commencing in 1st half of 2018 is the Tumbarumba Multipurpose Services. It will involve the refurbishment of 16 existing residential aged care beds, construction of a new residential aged care wing with 24 residential aged care beds and 9 inpatient beds, an expanded emergency department, staff accommodation, and an upgraded Community Health area. This development will improve the lifestyle for residents and promote the growth personal service workers.