Tumbarumba Property Market Update 1st Half of 2022

In H2 2021, Tumbarumba recorded a median house price of $300,000, and a median vacant land price of $78,625. This represents annual (H2 2020 – H2 2021) median price growth of 18.8% for houses and 47.0% for land. Between H2 2020 – H2 2021 total sales in both markets slowed, by -33.3% for houses (to 32 sales) and by -63.2% for vacant land (to 7 sales). Tumbarumba is currently experiencing its highest ever median property prices, spurred on by high demand for more rural property and limited supply. Both house and unit markets are undersupplied, creating an opportunity for developers.

Average vendor discounts between H2 2021 and H2 2022 have tightened to -3.0%, the tightest seen in the past 24 months. Market conditions in in Tumbarumba offer unique opportunities, where sellers can now achieve a final sale price closer to their first list price, yet buyers can still benefit from a discount.

In December 2021, house rental yields in Tumbarumba (2653) were recorded at 4.6%, well above the Sydney Metro (2.2%). In the 12 months to Q4 2021, the median house rental price increased by 24.5% to reach $330 per week, while average days on the market declined by -11.1% (to 24 days). With scarce supply in the area, investors can be confident of a resilient rental market in Tumbarumba.

3 bedroom houses have provided investors with +13.8% rental growth annually, with a median rent of $330 per week.

Also in December 2021, Tumbarumba recorded a vacancy rate of 0.0%, below that of Snowy Valleys LGA (0.7%) and well below Sydney Metro (2.6%). Vacancy rates in Tumbarumba have remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. With zero rental properties available for renters, investors can be confident of consistent cashflow and increasing rental prices, thus a conducive investment environment in Tumbarumba.