Tumut Research Factsheet 2nd Half of 2017
The Tumut area house market has seen a median price growth of 1.9% over the past 12 months, currently at $242,500 in Q2 2017; which is on par with the Snow Valley Council’s median house price of $232,000. Average vendor discount has tightened slightly from -7.6% to -6.1% over the past 12 months, which indicates a relatively stable competition within the market, with slight room to negotiate on price.
Current and prospective investors will do well in Tumut, with solid returns on their investments of 5.6% rental yield for houses and 4.5% for units.
A range of exciting projects are commencing or in the works for Tumut, amounting to approximately $308.9M over the past three years., the majority of which are industrial developments.
A major industrial project is the Visy NSW Clean Energy Project, which will supply clean energy directly into NSW’s power grid. Another significant project is the Northeast Airpark Estate, Commercial Precinct & Tumut Aerodrome; which commenced in May of 2016. An exciting project in the works is “Snowy 2.0”, in which a feasibility study will commence at the end of 2017. Another is the planning of the new Tumut Hospital, as announced in the NSW 2017/18 budget.
All of the above projects indicate a more vibrant and dynamic Tumut in the future, good news for local job growth and economy. This will have a positive spill-over effect on to the property market, which is already seeing growth in its sales transaction volume, median sale price, and median rent price.