Gundagai Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q2 2024, Gundagai* recorded a median house price of $425,000, which represents an annual (Q2 2023 – Q2 2024) softening of -2.3%. The number of house sales increased between Q2 2023 – Q2 2024, by 14.3%, 8 sales in Q2 2024. Confidence has returned to Gundagai*, with houses in high demand. The slight decline in median house price is due to the higher interest rates, creating a slightly more affordable opportunity for buyers. The vacant land market remains small, with only 4 sales in 2024 – 3 in Q1 2024 and 1 in Q2 2024; at a median price of $127,500. Without any new houses planned in 2024, now is the time to enter the market.
CHANGE FROM LAST
YEAR
HALF YEAR
HOUSE SALE S
FUTURE DEVELOPMENTS Gundagai is set to see approximately $5.4M of new projects commencing construction in 2024.
Infrastructure
$5.4M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
A focus on infrastructure development will improve liveability for residents, whilst also creating employment opportunities during the construction phase. This can attract more people to live in Gundagai, which should have a positive spill-over impact on the real estate market, in the form of higher demand for housing.
LAND S AL E S LAND ME D IAN PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$425K
$127K
MEDIAN PRICE Q2 2024
$410
SALES
AVERAGE DAYS ON MARKET Q2 2024
83
22
HOUSE
L A N D
RENTALS
$350
AVERAGE DAYS ON MARKET Q2 2024
27
28
HOUSE
U N I T
The top infrastructure project due to commence construction in 2024 is the the Cootamundra Fire Station Refurbishment ($2.1M). This New South Wales government project with help improve the safety of the Cootamundra-Gundagai region. The Hillas Creek Bridge Replacement ($1.0M) is another infrastructure project commencing construction in 2024. This improves access around the Cootamundra-Gundagai region. Assisting residents on a daily basis. With no new ready-to-sell standalone residential stock planned in the pipeline, whether for townhouses, houses, or units; even land lots. Thus the Gundagai real estate market will continue to be undersupplied. Although the median house price is more affordable as of Q2 2024, an undersupply will put more pressure on house prices and result in a price recovery sooner than later.