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The month in review: Albury
By Herron Todd White
December, 2009
The residential property market within the Albury-
Wodonga region generally stabilised as the year
progressed. However, the First Home Owners Grant and
low interest rates provided a pathway for first home buyers
to enter the market at the more affordable price range of
$200,000 to $250,000. Value for money, in a continually
emerging regional centre, could obviously be seen from
the outside (capital cities) looking in, and there was an
increase in sales activity between April to June. This was
more evident within Wodonga as particularly young
couples were taking advantage of the First Home Owners
Grant as speculation was on the rise as to how long the
grant would extend for after June 30, 2009; together with
the anticipation that interest rates would soon be on the
rise. Generally speaking, most of the sales activity / buyer
interest in the Albury-Wodonga region occurred within
the $250,000 to $350,000 providing reasonable returns
for investors or suitable family homes within this price
range. Properties above $500,000 have tended to attract
limited interest, with extended selling periods applying
in some cases.
In the latter part of the year a stabilising affect occurred as
interest rates eventually increased. However, overall the
local residential property sector managed to survive the
predicted uncertainty arising from the global credit crisis,
job security fears and the on-going drought.
In reviewing predictions made earlier in the year, the
Albury-Wodonga residential market was considered ‘soft’ locally on the back of the global financial crisis. This
however, gradually moved into stable territory, as further
sales activity increased and people moved into action to
take advantage of low interest rates on offer and the First
Home Owners Grant. Two emerging residential estates
that were predicted to draw attention throughout the
year were; ‘White Box Rise’ in Wodonga and ‘Mitchell Park’ in Thurgoona. Both of these estates have been somewhat
busy with further activity throughout 2009, with many
vacant land sales and/or house and land packages
occurring, and construction works of new homes
continuing to evolve in these two areas.
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