Tumbarumba Property Factsheet 2nd Half 2018
Property prices in Tumbarumba sit below the Snowy Valleys Council Local Government Area (LGA), indicating a more affordable entry point. First home buyers and investors are urged to act now and capitalise on more affordable opportunities in Tumbarumba, with a long-term view of positive capital growth.
The Tumbarumba property market recorded a median house price of $207,000 as at Q2 2018, representing an annual (Q2 2017 – Q2 2018) price softening of -10.0%. Meanwhile, the Snowy Valleys Council Local Government Area (LGA) recorded a median house price of $255,000.
Over the past 2 years (Q2 2016 – Q2 2018), median house prices in Tumbarumba have increased by 23.2%. Over the same time the Snowy Valley Council LGA experienced a softening of -5.6%. This suggests that despite an annual price softening (Q2 2017-Q2 2018), the Tumbarumba market is in fact experiencing a gradual price growth over a longer period of time.
Median house rents in Tumbarumba have remained relatively stable over the last twelve months to Q2 2018, currently at $250 per week. Vacancy rates have been trending downward to a competitive rate of 1.4% as at June 2018. Strong rental returns of 5.8% are on offer in the Tumbarumba housing market, which is much higher the wider Snowy Valleys Council LGA (4.9%) and Sydney Metro (2.8%). Thus the Tumbarumba property market presents highly lucrative opportunities to expand portfolios for first time investors.