Tumbarumba Property Market Update 2nd Half of 2019
In H1 2019, Tumbarumba recorded a median house price of $181,000, and a median vacant land price of $58,515. This represents annual (H1 2018 – H1 2019) median price softening of -5.7% for houses and growth of 28.9% for land. Total sales slowed annually, by -26.2% for houses to 31 sales and by -4.3% for land to 22 sales in H1 2019. Limited land sales make this data more volatile, however it is a highly affordable option for home and land buyers alike.
Average vendor discount between H1 2018 and H1 2019 have widened for houses to -9.2% and tightened to -4.0% for vacant land. 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 an ideal time to buy.
Over the past 12 months, house rental yields in Tumbarumba saw a slight increase to reach 5.4% in June 2019. This suggests the house rental market is in a healthy position, despite a slight decline in demand for rental properties in Tumbarumba across the same time period (down by -23.3% in the 12 months H1 2019, with 33 houses rented).
2 bedroom houses have provided investors with +20.0% rental growth annually, achieving a median rent of $240 per week.
Tumbarumba recorded a vacancy rate of 1.0% in June 2019, which represents a decline over the past 12 months, and is the lowest vacancy rate recorded to date. This confirms there is a healthier rental demand, which combined with a softening in median house price presents a very attractive market for investors.