Nagambie Property Market Update 1st Half of 2024
Nagambie, Victoria, offers a peaceful lifestyle with beautiful lakeside views and abundant outdoor activities. The community spirit and excellent wineries make it a delightful place to call home.
Property Trends
In Q1 2024, Nagambie recorded a median house price of $575,000, and a median land price of $265,000. This represents annual (Q1 2023 – Q1 2024) growth of 3.6% for houses but a softening of -3.6% for land. In the past 12 months to Q1 2024, total sales surged by 42.9% for houses and 14.2% for vacant land. Higher levels of demand for both property types have created a buffer against cash rate hikes, making now an ideal time for owners to transact. Land has become more affordable, in good news for buyers. With no new supply planned for 2024, the current market presents a window for buyers before prices increase.
Average Vendor Discount
Average vendor discounts between Q1 2023 and Q1 2024 have tightened, to -5.5% for houses and -6.4% for units. Although peak discount periods for houses and units have passed in Q4 2022, the current discount is still appealing.
Market Conditions
The markets in Nagambie still favour buyers, as sellers are willing to accept below the initial listed price. Now is an ideal time for buyers to enter the market, before further price increases.
Rental Market & Growth
House rental yields in Nagambie were 3.8% as of April 2024, slightly below Northern Victoria (4.0%), but higher than Melbourne Metro (3.1%). This was paired with a 10.0% increase in median house rental price in the past 12 months, at $508 per week. The number of houses rented declined by -41.7%, indicating an undersupplied rental market. This is good news for investors looking for an alternative and more affordable option to Melbourne Metro.
3-bedroom houses have provided investors with +13.1% rental growth annually, achieving a median rent of $475 per week.
Vacancy Rates & Property Investment
Nagambie recorded a vacancy rate of 2.4% in April 2024. Despite reaching peak levels in July and August 2023, vacancy rates have steadily declined over the past 10 months, which suggests a tighter rental demand. Furthermore, a 2.4% vacancy rate is still below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus there is quicker occupancy of rental properties. This confirms Nagambie as a conducive and sustainable environment for investors, even if median house prices increased in the past 12 months to Q1 2024.
