Albury Property Market Update 1st Half of 2024
In Q4 2023, Albury recorded a median house price of $590,000, and a median land price of $260,000. This represents annual (Q4 2022 – Q4 2023) growth of 2.6% for houses and 18.2% for land. On a quarterly basis (Q3 2023 – Q4 2023), median price grew by 4.4% (houses) and 2.0% (vacant land). House sales increased by 7.2% in the past 12 months, but vacant land sales recorded a -36.9% decrease. Overall, this suggests high demand for both property types, and an undersupply in vacant land. The Albury market shows a market recovery, and an ideal time for owners to capitalise on their investment.
Average vendor discounts between Q4 2023 and Q4 2023 have remained relatively stable for houses, at -3.8%. House market conditions in Albury continue to favour buyers, as vendors are willing to accept below the initial list price.
House rental yields in Albury was 3.7% as of December 2023, higher than Sydney Metro (2.8%). This was paired with an 8.8% increase in median house rental price in the past 12 months, currently at $495 per week. Median unit rent increased by 6.3% to $340 per week, alongside a 4.9% increase in the number of units rented, thus a highly demanded market.
4+ bedroom houses have provided investors with +5.8% rental growth annually, achieving a median rent of $550 per week.
Albury recorded a vacancy rate of 1.6% in December 2023, slightly below Albury LGA’s 1.7% average. There is slightly quicker occupancy of rental properties in Albury, in good news for investors. Albury vacancy rates have increased slightly in the past 12 months but have always remained below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This suggests a conducive and sustainable environment for investors, despite the current increase in median sale prices of houses in the past 12 months.
