Albury Property Market Update 1st Half of 2022

In Q4 2021, Albury recorded a median house price of $500,000 and a median land price of $230,000. This represents annual (Q4 2020 – Q4 2021) median price growth of 22.0% for houses and 35.7% for land. Between Q4 2020 – Q4 2021 total sales slowed, by -20.1% (to 330 sales) for houses, and by -80.8% (to 35 sales) for land. Current owner occupiers can benefit from real returns on capital investment, as median price growth has been fuelled by high demand and low stock levels. The market is undersupplied, creating an opportunity for developers to enter the market.

Average vendor discounts between Q4 2020 and Q4 2021 have swung to premiums of +0.2% for houses, whereby buyers have to offer higher than the first list price. House market conditions favour sellers, however vacant land buyers can still benefit from a discount.

In December 2021, house rental yields in Albury were recorded at 4.5%. In the 12 months to Q4 2021, the median house rental price increased by 14.9% to reach $425 per week, while average days to let on the market remained at 18 days. A strong increase in rental prices and a house rental yield generally on par with the Albury LGA (4.4%) suggests Albury remains a resilient rental market.

2- bedroom houses have provided investors with +12.5% rental growth annually, with a median rent of $315 per week.

Also in December 2021, Albury recorded a vacancy rate of 0.7%, slightly above that of Albury LGA (0.4%) but well below Sydney Metro (2.6%). Vacancy rates in Albury has trended below 1.0% for the past 18 months, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Continuous low vacancy rates confirm there is a healthy level of rental demand and investors can be confident of a conducive investment environment.