Tumut Property Factsheet 1st Half of 2019
The median house price in Tumut during Q4 2018 was $222,500, whilst the median vacant land price was $101,500. This represents annual (Q4 2017 – Q4 2018) price growth of -7.3% (house) and 12.8% (land). The Tumut 2nd Half 2018 Research Factsheet reported growth of 7.2% (house) and -5.2% (land) annually to Q2 2018. Comparing growth levels, houses in Tumut have become more affordable, whilst land has strengthened in value. Sellers can capitalise on vacant land value upswing, whilst buyers have an opportunity to purchase homes in a cooler market.
The Snowy Valleys Local Government Area (LGA) saw a median house price of $220,000 and a median vacant land price of $107,500 as of Q4 2018, representing annual (Q4 2017 – Q4 2018) price growth of -7.4% and -2.3% respectively. Tumut is largely in line with these prices, featuring a slightly more premium house market median and a slightly cheaper vacant land market median. This again reinforces the opportunity presented in Tumut for house sellers and land buyers alike.
Tumut recorded a median house rental price of $270 per week in Q4 2018, whilst units showed a median rental price of $215 per week. This represents price growth of 3.8% and 7.5% respectively in the 12 months to Q4 2018. Healthy yields of 4.9% (house) and 4.7% (unit) are outperforming Sydney Metro (2.9% for house and 3.8%, for units), making Tumut an alternative affordable investment opportunity.
A number of projects are scheduled for commencement in Tumut, collectively estimated at approx. $900K. Funding for all of these projects was announced in November 2018, as part of the second round of the NSW Government’s Stronger Country Communities Fund.