Wodonga Property Market Update 2nd Half of 2021

In Q2 2021, Wodonga recorded a median house price of $460,000, and a median vacant land price of $185,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 25.4% for houses and 27.6% for land. Between Q2 2020 – Q2 2021 total sales fluctuated, up by 57.8% for houses (to 232 sales) but slowed by -64.1% for vacant land (to 33 sales). Now is an ideal time for owner occupiers and downsizers to transact, as price growth and an increase in sales numbers indicate real returns in investment. There is an undersupply of vacant land, which creates opportunities for land-owners.

Average vendor discounts between Q2 2020 and Q2 2021 have tightened for both property types, to -0.5% for houses and -2.5% for land. Market conditions in Wodonga have continued to favour buyers, however figures indicate that there is high negotiation activity between the two parties, with vendors achieving prices closer to the initial asking price.

In June 2021, house rental yields in Wodonga were recorded at 5.1%. In the 12 months to Q2 2021, the median house rental price increased by 16.9% to reach $450 per week, this is in conjunction with average days on the market declining by -16.7% (to 15 days). Overall, this represents a strong rental market, as demand continues to increase in regional areas.

4+ bedroom houses have provided investors with +13.1% rental growth annually, with a median rent of $475 per week.

Also in June 2021, Wodonga recorded a low vacancy rate of 0.3%, on par with Wodonga LGA and well below that of Melbourne Metro (3.5%). Vacancy rates in Wodonga remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Wodonga.