Wodonga Property Market Update 2nd Half 2024
Wodonga offers a vibrant community with excellent schools and healthcare facilities, making it ideal for families. Its proximity to natural attractions like the Murray River provides ample opportunities for outdoor recreation and a balanced lifestyle.
Property Trends
In Q2 2024, Wodonga recorded a median house price of $570,000, and a median land price of $217,000. This represents annual (Q2 2023 – Q2 2024) price growth of 1.5% for houses and 0.9% for vacant lands. On an annual and quarterly basis house sales have increased, to a record high of 200 sales in Q2 2024. There is high demand for houses, creating a buffer against higher interest rates. Owners can take this opportunity to capitalise on their investment. The vacant land market is resilient, at a record high of 90 sales in Q2 2024. With very little new ready-to-sell stock planned for the rest of 2024, now is an ideal time for buyers to act; before house prices increase even further.
Project Development
Wodonga is set to see approximately $89.0M of new projects commence construction in the 2nd half of 2024. The only residential project planned during this time will add just 4 dwellings to the market. The lack of new ready-to-sell stand-alone houses will drive-up house price even further, as house sales reached a record high in Q2 2024.
Rental Market & Growth
House rental yields in Wodonga was 4.0% as of July 2024, higher than Wodonga LGA (3.6%) and Melbourne Metro (3.1%). This was paired with a 7.6% increase in median house rental price in the past 12 months to Q2 2024, currently at $495 per week, and a 6.7% increase in the number of houses rented (to 174 houses). Further, average days on market to let declined by -21.7% to 18 days. There is a highly demanded rental market, which is beneficial to investors.
Vacancy Rates & Property Investment
Wodonga recorded a vacancy rate of 0.4% in July 2024, well below Melbourne Metro’s 1.5% average. Vacancy rates in Wodonga have decreased even further in the past 12 months, indicating an even tighter rental market. Furthermore, a 0.4% vacancy rate is significantly below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, indicating quicker occupancy of rental properties. This confirms there is a conducive environment for investors, even with a higher median house sale price (thus entry price) in the past 12 months to Q2 2024.
