Positive Year ahead for Albury Market

Below is a great summary of a recent article in the Border Mail, sourced from a presentation given by Senior Economist, Dr Andrew Wilson.

Lavington and Wodonga are the top selling suburbs on the border, according to Domain senior economist Andrew Wilson.

Dr Wilson was the guest speaker at the domain.com.au industry breakfast during the week and provided an extensive report on the state of the local market.

He said in the six months to March 2016 there were 118 houses sold in Lavington with a median price of $251,250. It was followed by Thurgoona, with 80 sales and a median house price of $343,500.

Albury, North Albury and East Albury were next with 67, 67 and 44 sales over six months and median house prices from $447,000 to $352,000.

On the southern side of the border the standout suburb was Baranduda where the median house price was $389,500 and its capital growth over a five year period was 29 per cent.

The capital growth for Lavington over a five year period was 27.3 per cent offering rental returns of an average yield of around 6 per cent and is why Dr Wilson pointed out it was a huge attraction to Sydney investors. 

In the rental market, yields were slightly better on units than on houses with a 5.3 per cent yield on houses and 5.9 per cent on units in the area.

The top rental suburbs were Lavington and Wodonga.

However, the standout was Baranduda with the rental return an average of $393 per week and the growth in yield over the past five years at 35.2 per cent.

Dr Wilson summarised that the Albury-Wodonga region is influenced by the metro market with more investors looking to take advantage of the high rental returns and capital growth.

Dr Wilson projected house prices in Albury and Wodonga were set to increase by three per cent throughout 2016. The Albury-Wodonga market will remain a solid market focus for retirees, lifestylers and investors