Wodonga

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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. 
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.
"The cases of COVID-19 have been very, very low and the community has been adhering to all pandemic measures.
"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 of May as restrictions ease and the reopening of schools is now approaching for both New South Wales and Victoria," the valuation firm said. 
"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." 
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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.
"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. 
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. 
The risk of over-capitalising property is real if the price point and location are not spot on.
The house flippers are mostly purchasers with skill sets to renovate on a budget and this has been very evident in North Albury reaching further north now to Lavington and also parts of south Albury.
A renovated three bedroom unit in Lavington has recently been sold for $226,000.
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.
The unit is located in a well-maintained complex of only two. 
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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.
A three bedroom house located in Albury's iconic Jones Street is currently on the market with a price guide of $649,000.
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. 
It also features enclosed sunroom, triple length single garage and undercover carport. 
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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.
Renovation is not for the faint-hearted and the decision to renovate may sit below upgrading to a newer home, moving to a better location, building from scratch or demolishing and rebuilding.
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.
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"On inspection, we often hear the lamentation that home improvement takes money and time and striking that balance can be challenging.
"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. 
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j.ballantyne1990-6AQqhLzZaK

Smart update or full renovation in Albury-Wodonga? HTW residential 

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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.
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"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 <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.
It was last sold for $166,000 in 2018. 
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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 <a href="https://www.realestate.com.au/sold/property-house-nsw-thurgoona-132801634" target="_blank">40 Hinchinbrook Court </a>(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. 
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"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. 
 
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Albury-Wodonga markets have a subdued start in 2020 due to bushfires: HTW residential 

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Wodonga has fallen from the peak of the market for houses in December, joining the Central Coast, according to Herron Todd White (HTW). 
The valuation firm suggests that the six other locations at their peak are Albury, Bathurst, Canberra, Dubbo, Tamworth and the Sunshine Coast. No other market analysed is approaching the peak.
Kalgoorlie remained as a declining market while South West WA, joined Broome and Geraldton as they approach the bottom of the market.
There were four additions to the markets who have been deemed as at their lowest point, Adelaide, Adelaide Hills, Barossa Valley and the Southern Highlands joined Darwin, Perth and Towoomba, among others.
<a href="https://www.propertyobserver.com.au/images/2019/12/9/HTW%20House%20Clock%20DEC%202019.JPG" target="_blank">Click here</a> to enlarge:
<img src="https://www.urban.com.au/images/2019/12/9/HTW%20House%20Clock%20DEC%202019.JPG" alt="">
Lismore, Ballina/Byron Bay, Coffs Harbour and Bundaberg have all begun their recovery, joining 13 other locations including capital cities like Brisbane and Sydney.
There were no additions to the rising house markets with all nine locations holding steady over the month.
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Wodonga has fallen from the peak of house market: HTW Clock

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Stone Real Estate have opened a branch in the Albury Wodonga region.
Agents Craig and Kelly Huckel initially intended to become an independent agency before joining Stone.
“When we saw the way in which Stone carried out its marketing plus all the technology and strategy that goes along with presenting properties we couldn’t go past this,” said Craig Huckel (pictured above), principal of the new office. 
“We were looking to be independent but could see immediately that the way they presented themselves and as well as their properties was next level. 
“It’s a very city looking brand and we’re very excited to deliver this type of marketing into Albury Wodonga.” 
Kelly, who will serve as manager of the new office, said reactions to Stone’s website technology during their first opens during the week had been hugely favourable.
“Stone’s technology improves the customer experience enormously,” Kelly (pictured below) said. 
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 Stone franchise director Luke Cameron said the Huckels are the ideal candidates to introduce Stone to Albury’s real estate market.
“They’re both excellent leaders and business people as proven by their track records in both real estate and their past careers,” Cameron said.
“We couldn’t be happier they’ve chosen to join Stone.”
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Stone Real Estate open branch in Albury Wodonga 

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The Blazing Stump Hotel, Wodonga has been sold for $6 million - reflecting a regional hotel yield of 6.76%. 
CBRE sold the freehold building at 4327 Anzac Parade, on behalf Wodonga Holdings Pty Ltd.
The property was purchased by a high net-worth local investor looking to expand and diversify their property portfolio.
The gaming hotel investment has a site area of 5,708 square metres just minutes from the Wodonga CBD.
It is subject to a long-term lease with a commencing annual income of $406,000 per annum. 
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$6 million paid for freehold Wodonga hotel

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Perth-based property company M/Group has purchased Wodonga Plaza in regional Victoria for $43.5million.
Lloyd Clark, M/Group Managing Director said the company’s targeted approach to identifying regionally located assets with good lease covenants and value-add potential has attracted significant investment interest from those looking for more than just a passive vanilla return. 
“Every company aspires to having a network of investors that trust what they do and how they do it. We are really excited to be taking this group of loyal and new investors into the eastern states,” he said.
“Rather than target fully leased assets at capped rates of 5 percent to 7 percent, our interest is in securing properties that not only offer excellent income but also present development, refurbishment or lease re-positioning potential with the aim of achieving capital uplift as well as delivering excellent cash flow income.
"It is a similar strategic and considered approach we take across all our property activities and historically we have delivered quality investments and good returns.
“Wodonga Plaza is a great opportunity in a great regional city that is the gateway to Victoria from NSW. It is currently and will continue to be the largest centre in the region and we have already secured a new 10-year lease with Best and Less with multiple other tenant negotiations underway.
Wodonga Plaza is on a 4.4ha island site with four street frontages and gross lettable area of 17,200 sqm. Key anchor tenants include Target and Coles, with three current mini majors Amcal, Reject Shop and Best and Less, and around 55 specialties stores.
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