Gundagai Property Market Update 2nd Half 2024
Gundagai, in New South Wales, offers a charming rural lifestyle with a strong sense of community and beautiful natural surroundings. Its rich history and proximity to the Murrumbidgee River make it an ideal place for a peaceful and fulfilling life.
Property Trends
In Q2 2024, Gundagai recorded a median house price of $425,000, which represents an annual (Q2 2023 – Q2 2024) softening of -2.3%. The number of house sales increased between Q2 2023 – Q2 2024, by 14.3%, 8 sales in Q2 2024. Confidence has returned to Gundagai, with houses in high demand. The slight decline in median house price is due to the higher interest rates, creating a slightly more affordable opportunity for buyers. The vacant land market remains small, with only 4 sales in 2024 – 3 in Q1 2024 and 1 in Q2 2024; at a median price of $127,500. Without any new ready-to-sell houses planned in 2024, now is the time to enter the market.
Project Development
Gundagai will see approximately $5.4M of new projects commencing construction in 2024 with a complete focus on infrastructure development. There are no residential projects planned in 2024. With no new incoming ready-to-go supply planned, an undersupply is expected. This will push up house and vacant land prices, thus the current softening in median house price (as of Q2 2024) is potentially only temporary.
Rental Market & Growth
House rental yields in Gundagai were at 4.9% in July 2024, higher than Sydney Metro’s average of 2.8%. This was paired with a slight decrease in median house rental price, of -5.7% in the past 12 months to Q2 2024, to $410 per week. That said, demand for house rentals increased, to a high of 14 houses rented in Q2 2024. Overall, this suggests a highly demanded rental market, despite the size of it being quite small.
Vacancy Rates & Property Investment
Gundagai recorded a vacancy rate of 0.8% in June 2024, which is well below Sydney Metro’s 1.7% average. Vacancy rates in Gundagai have held steady over the past 12 months, with fluctuations in between due to the small size of its rental market. That said, a 0.8% vacancy rate is significantly below the Real Estate Institute of Australia’s benchmark of 3.0%, thus indicating a quicker occupancy for rentals. With the median house sale price now slightly more affordable, now is an ideal time for investors to enter the Gundagai market.
