Albury's fringes show long-term potential: HTW
The regional city of Albury in New South Wales was a rising market for houses while for units, it was at the start of recovery, according to valuation firm Herron Todd White's property clock for both April/May.
The clock is a simple broad brush means of suggesting where property prices are and the direction they are headed.
Over the past few years there has been an increasing trend for people to purchase land on the outer edge of the two cities in the suburbs of Thurgoona, Glenroy, Killara and Baranduda and construct a new dwelling.
The outer edges of the two cities are generally a maximum of 10 kilometres from their respective CBD’s and are therefore not far to commute.
We are also seeing an increase in demand for vacant rural lifestyle and general residential allotments and in the towns surrounding Albury/Wodonga, such as Tangambalanga, Kiewa, Ebden, Howlong, Jindera and Ettamogah, as once again people are preferring to build a new home rather purchase one that may require renovating.
The twin cities have no real areas to avoid with the exception of some government housing areas, although demand for these areas is reflected in their relative low value overall compared to other parts of the twin cities.
We see an ongoing trend for the outer markets to continue to perform and grow because of opportunities of development with large tracts of englobo residential land.
There has however been a recent increase in prices being achieved for vacant land and as such we see these markets as a long-term proposition.
Property Observer looked up some recent sales in Albury's fringe locations such as Thurgoona and Baranduda on www.realestate.com.au.
1. The median price of a house in Thurgoona was $340,000 while for units, it was $215,000, according to CoreLogic RP Data. A three-bedroom house at 4 Charolais Court Thurgoona NSW 2640 fetched $330,500.
2. The median house price in Baranduda was $335,000, according to CoreLogic RP Data. No data was available for units. A three-bedroom house at 10 Paterson Avenue Baranduda Vic 3691 traded for $300,000.
