Albury-Wodonga markets have a subdued start in 2020 due to bushfires: HTW residential
Albury-Wodonga has started the year with a semi circle of serious bushfires from north, north-east and south on both sides of the border, with the north-east of Victoria very much in the area and very much affected, according to the latest Herron Todd White (HTW) residential report.
The report suggests the effects of this disaster are significant, however many townships were spared. Regardless, it will be a long bushfire season and it will take its toll on the entire region.
Shorter term recovery efforts will commence and in the longer term the full extent will be evident.
"The underlying challenges will also exist for our tourist towns that were evacuated several times (Bright, Corryong, King Valley) and drove visitors away and no doubt local businesses will feel this along with farmers who have suffered loss of stock, infrastructure and income," the valuation firm said.
"No one can predict the future but Australian communities working together in the face of disaster is a sure bet and like many other regions affected, the Albury-Wodonga region will display resilience and strength in 2020," they added.
This will likely mean that property markets across the region have a subdued start with less stock available and possibly many participants preoccupied by the effects of the bushfires personally, locally or regionally.
The upshot remains that the region offers many property options for home owners and investors alike.
Overall, sales activity in 2019 was lower than 2018 and this trend may continue in 2020, the report noted.
Median property prices across the region have held or increased by around four to five percent. The areas to watch in 2020 are Myrtleford, Wangaratta, Corowa and Mount Beauty/Tawonga/ Tawonga South and Benalla.
A Corowa three bedroom house was sold for 180,000 in January.
Situated at 110 Redlands Roads (pictured below), the renovated house comprises three bedrooms, open plan living and big back yard.
It was last sold for $166,000 in 2018.
In Albury-Wodonga, value remains in North Albury, West Albury and Thurgoona.
A recent sale in Thurgoona was a four bedroom, two bathroom house situated at 40 Hinchinbrook Court (pictured below).
The north-facing home has been sold for $775,000 in January.
The house features open plan living, study, rumpus room, entertainer's kitchen, and remote-control double garage.
It last sold for $751,000 in 2018.
"We are yet to have a smoke free day in the region this year. Let’s hope that when the smoke finally clears, we all appreciate how fortunate we are to have homes in such a terrific part of the country," the valuation firm concluded.
