Tumut Research Factsheet 1at Half 2018
The Tumut property market recorded a median house price of $260,000 in Q4 2017, which showcases exponential growth over the past 12 months of 23.8%. This is above the Snowy Valley Council’s LGA annual growth (over the same period of time) of 19.0% and median house price of $250,000. This confirms the Tumut house market as a premium market in the area, where homeowners and investors can capitalise on higher price growth.
Median house rents in Tumut has seen a 5.9% increase over the past 12 months to Q4 2017, currently at $270 per week. This is strong growth, particularly as the number of houses rented has also increased over the same period of time, by 43.5%. Vacancy rates in Tumut continue to trend at a low level of 1.7% in December 2017, reflecting a sharp decline when compared to June 2017 levels of 2.7%. This is in contrast to Sydney Metro, confirming Tumut as a lucrative yet more affordable investment option.
Development in Tumut – particularly those within the former Tumut Regional area, is estimated at approx. $316.7M between 2013 and 2017. From a project estimated value perspective there is a focus on the commercial development – dominated by the Visy NSW Clean Energy Project, but from a number of projects there is an emphasis on improving infrastructure for current and future residents. This combination is quite unique, however advantageous. Infrastructure projects improve liveability for residents and has the potential of improving connectivity to other commercial hubs, whilst commercial projects could improve local job growth. Both of this will have a positive spillover impact on the property market.Notable infrastructure projects include the Northeast Airpark Estate, commercial precinct, and Tumut Aerodrome ($5.0M); RMS Snow Clearing Depot ($3.7M), the Snowy Region Quarrying Contract Tumut ($1.2M), and the State Forests NSW Hume Region Roadworks ($1.2M).