Tumut Property Factsheet 2nd Half 2018
Average rental yield in Tumut is recorded at 6.7% for house and 6.4% for units, higher than the average rental yield in the Riverina Region (5.2% and 5.8% respectively) and notably higher than Sydney Metro (2.7% and 3.7% respectively). With a more affordable entry price investors need to consider Tumut as a place to invest. Median rent in Tumut has increased for both houses and units by 11.5% to $290 per week and 5.3% to $200 per week respectively.
The Tumut property market recorded a house median price of $260,000 and vacant land median price of $73,000 in Q2 2018, which represented an annual (Q2 2017 – Q2 2018) price change of 7.2% and -5.2% respectively. There has been an increase of 41.7% in the number of house sales transactions during this time, which suggests real capital growth.
A similar pattern can be seen in the Snowy Valleys Council Local Council Government (LGA), with house transactions increasing by 2.6% and median price increasing by 1.0% to $255,000 in Q2 2018. Compared to the wider LGA Tumut is a premium market, both in house median price and capital growth.
Interestingly, when compared to the 1st half of 2018 Research Report house median price in Tumut* has remained stable, at $260,000. However annual price growth has shifted from 23.8% to 7.2%. This suggests affordability for first home buyers remain, however sellers need to act fast and minimise risks to ensure the highest capital growth returns possible.