The month in review: Albury

By Herron Todd White
September, 2009

The Albury-Wodonga property market has experienced continued stabilisation over the past 3 years, however, last year saw residential property prices across the board come back approximately 10-15%, and these reductions were felt in the budget, middle and prestige sectors. In early 2009 this was still evident due to the global financial crisis, giving rise to the many uncertainties this major problem was, and could have on property sectors across Australia. In recent months, consumer confidence has improved through increased job security, continued reduction of interest rates and the extension of the First Home Owners Grant. Within our region prices are at affordable levels for many families and individuals.

Properties are currently being offered by both private treaty and auction. This spring we will be able to discover if our property prices have really taken a hit from the“boom” in 2004-2006.

Central red brick/renovated dwellings are still popular within the market place. For a typical Californian bungalow with four bedrooms, ensuite and two living areas, vendors are receiving between $450,000-$600,000, depending on position, quality and fit-out. Discussions
with local agents have indicated that there is an increase in demand for these types of properties.

Local agents are reporting that few investors are taking advantage of the current slow market, despite State and Federal Government incentives and continue of low interest rates. “If the property is located in the right place with right the price, and purchaser has right reason to buy, we are still selling!” Local agent.

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © 2008 Smartline Home Loans P/L. ABN 38 085 370 270