Gundagai Property Market Update 1st Half 2024
In Q4 2023, Gundagai recorded a median house price of $452,500, and a median land price of $380,000. This represents annual (Q4 2022 – Q4 2023) median price growth of 5.5% for houses and 133.8% for vacant land. During this time (Q4 2022 – Q4 2023) house sales increased, by 8.3% (to 13 sales), and unit sales declined by -37.5% (to 5 sales). This suggests that confidence has returned to Gundagai, with houses in high demand or undersupplied (vacant land). With no new ready-to-sell stock planned in the foreseeable future, now is an ideal time for owners to capitalise on their property investments.
Average house vendor discounts between Q4 2022 and Q4 2023 have tightened a lower discount of -4.0%. Market conditions in Gundagai continue to favour buyers, where sellers are willing to accept below the first list price. This is further confirmed in the vacant land market, with average discount of -5.0% in Q4 2023. This creates an opportunity for buyers, even if there has been a price growth in both the house and land market in the past 12 months.
House rental yields in Gundagai was 4.2% in December 2023, higher than Sydney Metro’s average of 2.8%. This was paired with a median house price increase of 9.1% in the past 12 months to Q4 2023, to $480 per week, whilst the demand for rental properties remained stable at 10 houses. Overall, this suggests a highly demanded rental market, despite the size of it being quite small. This is conducive for investors, even with a higher entry price.
2+ bedroom houses have provided investors with +35.6% rental growth annually, achieving a median rent of $400 per week.
Gundagai recorded a vacancy rate of 1.4% in December 2023, below Sydney Metro’s 1.7% average. Vacancy rates in Gundagai have overall increased in the past 12 months, due to more investors taking advantage of a tight rental market. That said a 1.4% vacancy rate is still significantly below the Real Estate Institute of Australia’s ‘Healthy’ benchmark of 3.0%, which suggests quicker occupancy of rental properties.
