The month in review: Albury
By Herron Todd White
June, 2010
Throughout Albury – Wodonga and like many other
regional centres across Australia we have seen a significant
change to our local residential markets during the past 12
months. This change has been evident across the board
in residential units, dwellings, rural-residential properties
and vacant land allotments. These market changes have
been attributed to major economic change in the form of
the economic crisis which our nation has been through
during the past six to 12 months - however, we are seeing
the light at the end of the tunnel. As we are all aware
this crisis brought increased interest rates, increased
borrowing, a downturn in new construction and a major
decline in consumer confidence.
Popular areas are considered to be Central Albury and
South Albury, due to the attractive distance from the CBD.
Owners are continuing to refurbish, repair and update
within their financial perimeters.
Other suburbs that have become attractive to the market
have been Thurgoona, which is located about 5km from
the CBD. Thurgoona’s median price has increased in
recent times due to the new major shopping centre being
constructed, proximity to schools and universities, and
the continuation of new land sub-divisions. This precinct
of Thurgoona has seen an increase in investors seeking
house and land packages, due to reasonable returns on
investments. Typical yields received in these areas are
between 4% and 6%, compared to yields of 3.5% to 5% in
established suburbs.
Buyers within our local markets are still extending
credit to obtain properties. The first home-owners have
decreased due to the reduction in government grants.
This has affected both new home construction and sales
across the board.
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