Wodonga Property Market Update 1st Half of 2022

In Q4 2021, Wodonga recorded a median house price of $480,000 and a median land price of $200,000. This represents annual (Q4 2020 – Q4 2021) median price growth of 23.4% for houses and 33.8% for land. Between Q4 2020 – Q4 2021 total sales slowed, by -1.7% (to 237 sales) for houses, and by -72.4% (to 54 sales) for land. Capital growth has largely been driven by low supply levels that is under-serving higher demand, creating room for more developers to enter the market. Owner occupiers and those down-sizing can benefit from higher returns to their initial capital investment in this market.

Average vendor discounts between Q4 2020 and Q4 2021 have swung to premiums of +1.6% for houses and +3.5% for land, the first time in the past 2-3yrears. The market conditions in Wodonga continue to favour vendors, with buyers having to offer higher than the first list price, particularly for vacant land.

In December 2021, house rental yields in Wodonga were recorded at 4.8%. In the 12 months to Q4 2021, the median house rental price increased by 13.2% to reach $430 per week, while average days to let on the market remained at a low 19 days. A strong increase in rental prices and a house rental yield above the Wodonga LGA (4.4%) suggests Wodonga remains a resilient rental market.

2 bedroom houses have provided investors with +12.3% rental growth annually, with a median rent of $320 per week.

Also in December 2021, Wodonga recorded a vacancy rate of 0.5%, below that of Wodonga LGA (0.8%) and well below Melbourne Metro (3.2%). Vacancy rates in Wodonga remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Vacancy rates have trended on or below 0.5% for the past 18 months, confirming there is a healthy level of rental demand and investors can be confident of a conducive investment environment.