Albury Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW In Q2 2024, Albury* (postcodes 2640 and 2641) recorded a median house price of $575,000 and a median land price of $425,000. This represents annual (Q2 2023 – Q2 2024) growth of 1.8% for houses and 58.3% for vacant land. Comparing Q2 2023 vs Q2 2024 house sales has increased, by 6.3% (to 269 sales in Q2 2024), while vacant land sales declined by -68.3% (to only 19 sales in Q2 2024). This confirms there is strong demand for houses and a clear undersupply of land, which has created a buffer against higher interest rates – hence price growth for both houses and land. The Albury* market on a growth trajectory, thus an ideal opportunity for owners to capitalize on their investments.
CHANGE FROM LAST
YEAR
Albury* is set to see approximately $630.2M worth of new projects commencing in the 2nd half of 2024. Commercial
$12.4M
Mixed-Use
Industrial
$966.6K
$41.2M
HALF YEAR
HOUSE SALE S
HOUS E ME D IAN PRICE
Infrastructure
$575.7M
HOUS E RE NTAL PRICE
LAND S AL E S
A strong focus on infrastructure projects will improve liveability for residents and create local jobs during the construction phase. This can have an impact on the real estate market, in the form of more people choosing to live in Albury* and higher demand for housing.
LAND ME D IAN PRICE
$
The sole addition to housing stock will be delivered by 470 Wodonga Place & Smollett Street Mixed Use project ($39.2M), adding 25 apartments.
MARKET CONDITIONS MEDIAN PRICE Q2 2024
$575k
$425K
MEDIAN PRICE Q2 2024
$540
SALES
AVERAGE DAYS ON MARKET Q2 2024
71
139
HOUSE
LAND
RENTALS
$400
AVERAGE DAYS ON MARKET Q2 2024
23
20
HOUSE
U N I T
Other key projects include: •
Albury Base Hospital Stages 1-3 ($558.0M, Infrastructure)
•
299 Elizabeth Mitchell Drive Medical Centre ($5.2M, commercial)
The absence in new ready-to-sell stand-alone dwellings or townhouses suggest an undersupply is possible, as houses were highly demanded in Q2 2024. This will push up prices, for houses and other stock types.
25 Units/ Apartments