Albury

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<p><span>The property market in Albury-Wodonga and surrounding region on both sides of the border appears to be holding quite well, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</span></p>
<p><span>"The cases of COVID-19 have been very, very low and the community has been adhering to all pandemic measures.</span></p>
<p><span>"Most agents are reporting a hold and wait type behaviour across the board, which resulted in significantly reduced sales activity for April and May, with an uptick in this third week </span>of May as restrictions ease and the reopening of schools is now approaching for both New South Wales and Victoria," the valuation firm said. </p>
<p>"With the number of final inspections on new homes and construction reports on proposed new dwellings increasing, we will continue to observe and analyse the likely effects on the tourism industry and the investor market in our region." </p>
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<p><span>If the carpark at Bunnings is any indication, home improvement has been front of mind for many with the expected result surely being property of all types receiving TLC, running second only to the amount of extra dog walking being witnessed across the country.</span></p>
<p><span>"Pre-pandemic vendors making the extra effort in property presentation were certainly reaping the rewards, so post-pandemic we might be set for a very good looking property offering in spring with gardens spruced, DIY updates of bathrooms and painting refreshes creating the longest lines at home improvement centres," the valuation firm said. </span></p>
<p><span>Overall the renovation market in our area is quite targeted, due to property owners’ mobility in the market created by our housing affordability, the report noted. </span></p>
<p><span>The risk of over-capitalising property is real if the price point and location are not spot on.</span></p>
<p><span>The house flippers are mostly purchasers with skill sets to renovate on </span>a budget and this has been very evident in North Albury reaching further north now to Lavington and also parts of south Albury.</p>
<p>A renovated three bedroom unit in Lavington has recently been sold for $226,000.</p>
<p>The <a href="https://www.realestate.com.au/sold/property-unit-nsw-lavington-132385398" target="_blank">2/585 Heathwood Avenue </a>home (pictured below) comes with open plan living, contemporary kitchen and three bedrooms.</p>
<p>The unit is located in a well-maintained complex of only two. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/lavington.jpg" alt=""></p>
<p>The report suggests the other active market segment for renovations are high end additions and renovations of character dwellings in central, small pockets of North Albury and all of old East Albury.</p>
<p>A three bedroom house located in Albury's iconic Jones Street is currently on the market with a price guide of $649,000.</p>
<p>The <a href="https://www.realestate.com.au/property-house-nsw-albury-133673950" target="_blank">722 Jones Street home </a>(pictured below) comes with renovated bathroom, update kitchen, and open plan dining and lounge. </p>
<p>It also features enclosed sunroom, triple length single garage and undercover carport. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/15/albury%201.jpg" alt=""></p>
<p>With only a select few master builders available, waiting times for these projects can be expected, up to two years for some builders, so substantial planning and patience is required in these good locations.</p>
<p><span>Renovation is not for the faint-hearted and the decision to renovate may sit below upgrading to a </span>newer home, moving to a better location, building from scratch or demolishing and rebuilding.</p>
<p>The rewards are there for the very astute home owner or investor, however regional cities do not enjoy the same capital growth as the metropolitan property markets, so often a smart update rather than a full renovation can assist owners to enjoy some uplift to take the next property step or secure a better tenancy.</p>
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<p><span>"On inspection, we often hear the lamentation that home improvement takes money and time and striking that balance can be challenging.</span></p>
<p><span>"Hopefully over the past couple of months property owners have had the time and been able to save some money by taking on projects themselves or calling in the professionals," the valuation firm said. </span></p>
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Smart update or full renovation in Albury-Wodonga? HTW residential 

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<p><span>The Albury-Wodonga region boasts around 110,000 people, enjoying one of the most vibrant cross-state regions combining all the Murray River has to offer and beyond north and </span>south of the New South Wales and Victorian borders, according to the latest Herron Todd White (HTW) residential report. </p>
<div><span>The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.</span></div>
<p>"The drivers of the property market are affordability, access to finance, lifestyle, tourism and the buoyancy or otherwise of the Melbourne property market. Different purchasers behave and benefit accordingly," the valuation firm said. </p>
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<p><span>First home owners have options due to a good supply of existing entry level stock and competitive house and land packages from a range of builders in new suburbs on both sides of the border. </span></p>
<p><span>Similarly the upgrading or relocating family in the region can buy existing stock, build or in many cases buy to occupy and also purchase an investment property, often positively geared, the report noted. </span></p>
<p><span>As the regional property market has proven to be a long game, the downsizers, whether local or relocating, receive the benefit of long term growth and a good choice of lower maintenance homes with room for the van or golf buggy.</span></p>
<p><span>Over the past few years, both Albury City Council and Wodonga City Council have undertaken large scale redevelopment projects aimed at revitalising city centres and involving the community in local events, the idea being that the cross city vibe should be complementary rather than us and them.</span></p>
<p><span>The report notes Wodonga is certainly gaining ground with strong sales activity and good growth as locals and visitors alike tap into the north-east offering. </span></p>
<p><span>"The local outlook is much the same as the attitude of the region, positive, proactive, productive and steadily more diverse. </span>It is all here bar the beach and people tend to focus on the things they can change, which from a property perspective is the ability to move within the market and invest further in the market.</p>
<p><span>"No one external big picture factor dominates as low volatility goes hand in hand with stable markets, however as we reach submission deadline, the </span>effects of the emerging COVID-19 pandemic may reach and influence all drivers of all markets," the valuation firm said. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/albury%201.jpg" alt=""></p>
<p>A Californian bungalow inspired townhouse in Albury has recently been sold for $675,000.</p>
<p>The three bedroom, two bathroom house is situated at <a href="https://www.realestate.com.au/sold/property-townhouse-nsw-albury-132951854" target="_blank">692 Jones Street </a>(pictured above). </p>
<p>It features open plan living, dining and kitchen, oak timber flooring and ample storage. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/4/albury%202.jpg" alt=""></p>
<p>A current listing is a 1940s family home located just moments from the Albury CBD.</p>
<p>The <a href="https://www.realestate.com.au/property-house-nsw-albury-133379730" target="_blank">717 Jones Street</a> home (pictured above) has been offered for sale with a price guide of $895,000 - $915,000.</p>
<p>Set on a 1,076sqm allotment, it comprise four bedrooms, formal lounge, renovated kitchen, and separate dining room. </p>
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<p><span style="text-decoration: underline;"><em>Note regards COVID-19</em></span></p>
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<span><em>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</em></span><em><br></em>
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<div><span><em>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</em></span></div>
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COVID-19 pandemic may influence all drivers of Albury property market: HTW residential 

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<p>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. </p>
<p>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.</p>
<p>Shorter term recovery efforts will commence and in the longer term the full extent will be evident.</p>
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<p><span>"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 </span>firm said. </p>
<p><span>"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. </span></p>
<p><span> 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.</span></p>
<p><span>The upshot remains that the region offers many property options for home owners and investors alike. </span></p>
<p><span>Overall, sales activity in 2019 was lower than 2018 and this trend may continue in 2020, the report noted. </span></p>
<p><span>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.</span></p>
<p>A Corowa three bedroom house was sold for 180,000 in January.</p>
<p>Situated at <a href="https://www.realestate.com.au/sold/property-house-nsw-corowa-132709378" target="_blank">110 Redlands Roads</a> (pictured below), the renovated house comprises three bedrooms, open plan living and big back yard.</p>
<p>It was last sold for $166,000 in 2018. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/17/corowa%20.jpg" alt=""></p>
<p>In Albury-Wodonga, value remains in North Albury, West Albury and Thurgoona.</p>
<p>A recent sale in Thurgoona was a four bedroom, two bathroom house situated at <a href="https://www.realestate.com.au/sold/property-house-nsw-thurgoona-132801634" target="_blank">40 Hinchinbrook Court </a>(pictured below). </p>
<p>The north-facing home has been sold for $775,000 in January.</p>
<p>The house features open plan living, study, rumpus room, entertainer's kitchen, and remote-control double garage. </p>
<p>It last sold for $751,000 in 2018. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/17/thurgoona.jpg" alt=""></p>
<p><span>"We are yet to have a smoke free day in the region this year. Let’s hope that when the smoke finally </span>clears, we all appreciate how fortunate we are to have homes in such a terrific part of the country," the valuation firm concluded. </p>
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Albury-Wodonga markets have a subdued start in 2020 due to bushfires: HTW residential 

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<p>The Albury prestige property market offers discerning purchasers a choice of location, size, quality and an array of ancillary improvements, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The report notes thus far in 2019 there have been 27 dwelling sales in the $700,000 to $1.4 million range, with only four over $1 million.</p>
<p>"Despite the very strong central Albury market dominated by character dwellings, the best address has proven to be modern Chamberlain Close, with three sales over the past two years all between $1.1 and $1.2 million," the valuation firm said. </p>
<p>The most recent transaction was off market in April when 15 Chamberlain Close sold for $1.2 million.</p>
<p>This is a modern well-appointed circa 2012 home with a pool on a 744 square metre level block within walking distance of the CBD.</p>
<p>This segment of the market is stable and thinly traded due to the sought after location and the very limited stock of new or modern homes in a central location.</p>
<p>"Rest assured that if you have a million dollars to spend in Albury, there won’t be anything to spend once you move in," the valuation firm said.</p>
<p>Just up the hill from the central flats, <a href="https://www.realestate.com.au/sold/property-house-nsw-albury-129626926" target="_blank">699 Uralla Place, Albury </a>(pictured below) sold for $1.08 million in January.</p>
<p>The property is a highly renovated circa 1965 part two level, four-bedroom, three-bathroom, four-car-garage with a pool on a moderately sloping 930 square metre block, proving the market will pay for someone else to do the renovation work.</p>
<p>"The aerial images highlight that at the top end of town, size and amenities matter, but if you are feeling a bit claustrophobic from all house no yard, the prestige residential lifestyle property might tick all the boxes," the valuation firm said. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/699%20uralla%20pl.jpg" alt=""></p>
<p>"In February, 4 Hawksview Road, Wirlinga (pictured below) sold for $1.1 million, so is comparable to our in town examples price wise," the valuation firm continued. </p>
<p>Set on 8,098 square metres, there isn’t room for horses however the property comprises the original 1930 cottage in addition to a very well appointed colonial style four-bedroom, two-bathroom, two-car brick home with wrap around verandahs, pool, tennis court and large workshop.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/4%20hawksview%20rd%20.jpg" alt="" style="font-size: 12.16px;"></p>
<p>Albury and only one kilometre from Lake Hume.</p>
<p>"The prestige rural lifestyle market segment again is thinly traded, highly sought after and has a small pool of potential purchasers," the valuation firm stated. </p>
<p>"To conclude our Albury wish list with the biggest and the best, in March,<a href="https://www.realestate.com.au/sold/property-house-nsw-table+top-129258174" target="_blank"> 26 Old Sydney Road, Table Top</a> (pictured below) was the highest sale at $1.35 million."</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/26%20old%20sydney%20rd.jpg" alt=""></p>
<p>Everything about this property was top notch for the area.</p>
<p>A circa 2005, five-bedroom, two-bathroom, three- car residence (324 square metres of living) set on established manicured gardens with panoramic countryside views on 3.15 hectares featuring pool and large workshop only 16 kilometres from town with Lake Hume just down the road.</p>
<p>"There are currently three listings in Albury in the $1 million price bracket. Interestingly, these include a character dwelling in town, a character dwelling on large block in Thurgoona and a rural lifestyle in Table Top, so take your pick, Albury offers the lot," the valuation firm concluded. </p>
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Albury prestige rural lifestyle market segment is thinly traded: HTW residential 

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<p><span>Manenti Quinlan &amp; Associates, in conjunction with John Hannigan Real Estate Services, have listed the renowned, Ettamogah Pub, Albury.</span></p>
<p><span>The Australian icon </span>is located off the Hume Highway, just 16 kilometres north of Albury on a 4.81ha site.</p>
<p><span>The original creator of the Ettamogah Pub was Ken Maynard who started drawing images of the Ettamogah Pub in 1959. </span></p>
<p><span>It was made famous through his regular cartoons in The Australasian Post. The Ettamogah Mob cartoons, an iconic series of weekly cartoons, were published in the national magazine for nearly 50 years.</span></p>
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<p><span>As a boy Ken would cycle around a water hole called Ettamogah, an Aboriginal word meaning 'place of good drink'. This struck Ken as an ideal name for a pub and hence the infamous Ettamogah cartoons were born.</span></p>
<p><span>The actual pub dates back to 1987 when built by Albury businessman Lindsay Cooper.</span></p>
<p><span>Albury Ettamogah was used as the base to bring the Ettamogah brand into a themed restaurant and pub chain across Australia. </span></p>
<p><span>Continual development has turned the Albury Ettamogah into a well- known tourist destination.</span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/9/albury%202.jpg" alt=""></span></p>
<p><span>In addition to hotel trade, the Ettamogah site offers a village with five retail shops, a reception centre, and large dining barn with structures close to completion. L<span>ease negotiations are currently underway with a hairdresser and supermarket operator.</span></span></p>
<p><span>Leonard Bongiovanni of Manenti Quinlan and Associates said it best suited</span><span> a hands-on operator</span>.</p>
<p><span>The property has a mid-$3 million price guide with expressions of interest closing June 7.</span></p>
<p><span>It has been listed by</span> Leigh O’Brien, who now has projects overseas, with the pub currently operating under management.</p>
<p><span>The sale includes Ettamogah memorabilia and a 25-year licensing agreement for the Ettamogah Pub name, with a further 25-year option, operating under a royalties scheme.</span></p>
<p><span><span>O’Brien previously held other Ettamogah pubs including one at Kellyville Ridge, in Sydney’s north west, now owned by Woolworths’ ALH, to which he licenses the Ettamogah name.</span></span></p>
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The original Ettamogah Pub at Albury hits the market

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<p><span>First home buyers are significantly active in Albury-Wodonga, according to the valuation firm, Herron Todd White.</span></p>
<p><span>Its first home owners appear to be enticed by their first home being a new home and often this is achievable if they have been living at home or renting affordably whilst saving a deposit. </span></p>
<p><span>However, recent increases in vacant land prices may have given rise to first home owners reconsidering existing dwellings as their starting point, HTW noted.</span></p>
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<p>It noted the detached dwelling sub $200,000 market diminish significantly, in most part due to investors rather than home owners.</p>
<p><span>"First home owners appear reluctant to buy the basic starter house despite a good supply of dwellings available sub $300,000. </span></p>
<p><span>"Upgraders seem to be on the move with better prices being achieved for basic housing stock and they are paying more as a result for the next home or trying to keep the first home as well."</span></p>
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<p>First home owners have options in Albury-Wodonga and a budget of between $280,000 to $350,000 will secure a detached dwelling in a new housing estate or sub $300,000 budget gives options in the existing dwelling market.</p>
<p>A three-bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-nsw-albury-126207782" target="_blank">1/300 Norfolk Street</a> (above) in Albury has just sold for $285,000 through Steam Nicholls.</p>
<p>A four-bedroom house at <a href="https://www.realestate.com.au/sold/property-house-nsw-albury-126171606" target="_blank">427 Schubach Street</a> in Albury was snapped up for $315,000. The estate agent was Tom Sanderson of Wodonga Real Estate.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/24/Albury2.jpg" alt=""></p>
<p>The upgraders’ budget is around $350,000 to $450,000 depending on the property they are jumping up from and can be spread evenly between new and existing stock.</p>
<p><span> The forever home owner has the largest budget range of between $500,000 to $800,000 which may be a build or fully renovated dwelling. </span></p>
<p><span>The downsizer’s budget may also be dependant on where they have divested and is usually between $400,000 and $600,000 - low maintenance, central, all done or ready to tackle major renovation in prime locations with cash to spare. </span></p>
<p><span>HTW noted the last two categories are experiencing competition from many cashed up ex-Sydney or Melbourne relocators and the lower end of market is facing competition from out of town investors. </span></p>
<p><span>Around Albury-Wodonga 85% of dwellings are detached, with the remainder semi-detached with very few units. </span></p>
<p><span>The new housing </span>stock is predominantly 3- to 4-bedroom, 2-bathroom detached dwelling on varying allotment sizes.</p>
<p>There have been some new developments completed with small allotments with a mix of homeowners and renters occupying these dwellings.</p>
<p>HTW noted there was also a recent spike in duplex construction usually with configuration of 3-bedrooms and 1- or 2-bedrooms, although the majority were marketed and sold to the investor market.</p>
<p>"Overall, probably due to the expectation of living in the country, a detached dwelling is preferable, in plentiful supply and still top of mind for most home buyers." </p>
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Albury-Wodonga's affordability attracts first home buyers 

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<p>The former federal health minister Sussan Ley has upgraded from North Albury to West Albury.</p>
<p>The Member for Farrer who fought doggedly to hold on to her cabinet portfolio in January has recently settled into her new home with her Gold Coast businessman partner Graham Johnston.</p>
<p class="selectionShareable">The charming residence, set in her enormous southwest NSW electorate of Farrer, cost $850,000.</p>
<p class="selectionShareable">It was settled within just 12 days of signing the paperwork. The price well above the $362,000 median house price for the suburb, according to CoreLogic.  </p>
<p class="selectionShareable"><span style="font-size: 12.16px; line-height: 1.3em;">Set on 2100 sqm, her new family home was marketed by Chapman Gould Estate Agents as "epitomising period elegance and beauty while incorporating contemporary luxury and style."</span></p>
<p><span>It comes with four bedrooms plus office n</span>ot far from the Botanic Gardens, the Murray River and the Albury CBD.</p>
<p class="selectionShareable">Ley was caught up in a summer scandal when details emerged of her so-called off-the-cuff 2015 purchase Main Beach, Gold Coast apartment on Johnston’s Gold Coast and her associated travel expenses.</p>
<p class="selectionShareable">Ley has now reportedly rented out her former Albury residence as has Johnston done so with his.</p>
<p class="selectionShareable">Ley, now on a backbench salary, has signalled she will probably sell her old house to fund her new residential mortgage with the local lenders, Hume Bank. </p>
<p class="selectionShareable"><em>This article first appeared in the Sunday Telegraph.</em></p>
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Sussan Ley upgrades Albury homes

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<p>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. </p>
<p>The clock is a simple broad brush means of suggesting where property prices are and the direction they are headed.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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. </p>
<p>Property Observer looked up some recent sales in Albury's fringe locations such as Thurgoona and Baranduda on www.realestate.com.au. </p>
<p>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 <a href="https://www.realestate.com.au/property-house-nsw-thurgoona-120707105" target="_blank">4 Charolais Court Thurgoona NSW 2640</a> fetched $330,500.</p>
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<p>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 <a href="https://www.realestate.com.au/property-house-vic-baranduda-122000690" target="_blank">10 Paterson Avenue Baranduda Vic 3691</a> traded for $300,000.</p>
<p><img src="/images/2016/05/25/main-1.jpg" alt="" width="672" height="504"></p>
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Albury's fringes show long-term potential: HTW

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<p><span>Melbourne-based developer Hudson Conway has appointed CBRE to sell its Somerset Rise project in NSW's Albury, with offers expected to exceed $10 million. </span></p>
<p><span>The developer wants to exit the project to focus on those closer to its base in Melbourne.</span></p>
<p><span>Spanning nearly 42 hectares, the project has already delivered 76 houses across stages one, two and three.</span></p>
<p><span>The land holding has been developed over the past few years into a development for house and land buyers, underpinned by its location just minutes from Albury Airport and reputed educational facilities nearby.  </span></p>
<p><span>"There are 51 lots ready to be sold or developed as well as 288 undeveloped lots in future stages. We are selling the project as a whole, with the buyer to benefit from the work completed by the vendors to date," said Wizel. </span></p>
<p><span>Wizel expects offers from a range of local developers, from South Australia, Victoria and greater New South Wales.</span></p>
<p><span>The average block in Somerset Rise has sold for around $132,500 in the past 18 months.</span></p>
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Hudson Conway to sell remainder of Somerset Rise land holding in Albury

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<p><span>Investor activity from out-of-towners chasing returns underpins the residential property market in the Albury/Wodonga region according to Herron Todd White's February Month in Review.</span></p>
<p><span>HTW reported good back-to-back ski seasons, strong events and promotional programs for the region, the area’s move towards the gourmet food and wine industry and proximity to Melbourne all strong factors, with suburbs Bright, Porepunkah and Beechworth worth keeping an eye on.</span></p>
<p><span>"In addition Wodonga and Thurgoona are also seeing some growth with new development… the Wodonga CBD is currently undergoing a multimillion dollar redevelopment since the railway diversion and is currently seen as one of the fastest growing Victorian regional towns.</span></p>
<p><span>"Thurgoona is also rapidly developing into a large suburb with more land being subdivided and infrastructure continuing to be improved. </span></p>
<p><span>"Affordable residential housing is still available in the surrounding towns of Howlong, Jindera, Holbrook and Tallangatta. They are an easy commute to Albury and provide a relatively inexpensive option, particularly in the $200,000 to $300,000 range. </span></p>
<p><span>"In Albury, the suburbs of Lavington, Springdale Heights and Hamilton Valley continue to remain good value along with parts of North Albury and some of the older established areas of Thurgoona."</span></p>
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