Tumbarumba Property Market Update 2nd Half of 2021

In H1 2021, Tumbarumba recorded a median house price of $275,000, and a median vacant land price of $55,000. This represents annual (H2 2020 – H2 2021) median price increase of 25.0% for houses and no price change for vacant land (0.0%). Between H2 2020 – H2 2021 total sales increased, by 100.0% for houses (to 48 sales) and by 275.0% for land (to 15 sales). Median house price growth and higher sales suggests market resilience. There has been a higher demand for vacant land, which resulted in higher affordability. First home buyers looking to build their home can benefit from this opportunity.

Average vendor discounts between H1 2020 and H1 2021 have tightened to -3.0%. 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 June 2021, house rental yields in Tumbarumba were recorded at 4.4%. In the 12 months to H1 2021, the median house rental price increased by a healthy 12.5% to reach $315 per week, while average days on the market increased by 2 days (to 22 days). Overall Tumbarumba represents a highly resilient rental market throughout COVID-19

3 bedroom houses have provided investors with +16.4% rental growth annually, with a median rent of $340 per week.

Also in June 2021, Tumbarumba recorded a vacancy rate of 0.3%, slightly below that of Snowy Valleys LGA (0.6%) and well below Sydney Metro (2.8%). Vacancy rates in Tumbarumba remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, and is currently at a historical low, even amidst COVID-19 conditions. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Tumbarumba.