Nagambie Market Update 2 nd H a l f 2 0 2 4
0407 057 036 Matthew.Chilcott@prd.com.au
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Nagambie* recorded a median house price of $515,000, and a median land price of $270,000. This represents annual (Q3 2023 – Q3 2024) price growth of 2.7% for houses and 1.9% for land. Comparing Q3 2023 and Q3 2024, total sales decreased, by -18.8% for houses (to 13 sales in Q3 2024) and -44.4% for land (to 5 sales in Q3 2024), indicating a clear undersupply for both property types in the market. This confirms that now is an ideal time for owners to capitalise on their investments. With no new ready-to-sell housing stock planned for 2024, buyers need to act fast, as prices are likely to rise even further.
CHANGE FROM LAST
YEAR
The Shire of Strathbogie plans to see approx. $10.1M of new projects due to commence construction in 2024.
HALF YEAR Infrastructure
HOUSE SALE S
$10.1M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
A whole focus on infrastructure projects will improve liveability for local residents, whilst creating new job opportunities in the construction phase. This can have an impact on the real estate market, with potentially more people choosing to live in Nagambie* and thus a higher demand for housing stock.
LAND SALE S LAND ME DIAN PRICE
$
16 infrastructure projects are due to commence construction in 2024; this includes:
MARKET CONDITIONS MEDIAN PRICE Q3 2024
$515K
$270K
MEDIAN PRICE Q3 2024
$550
SALES
AVERAGE DAYS ON MARKET Q3 2024
95
57
HOUSE
L A N D
R E N T A L S AVERAGE DAYS ON MARKET Q3 2024
$322
46
24
HOUSE
U N I T
•
Shire Of Strathbogie Roadworks Resealing Program 2024-2025
•
Cowslip Street Level Crossing Upgrade
•
Strathbogie Shire Council Roadworks Resea
•
Drysdale Road Bridge Abutment Replacement
There are no residential projects such as units/apartments, standalone houses, and townhouses. This lack of new housing supply suggests the current undersupply will likely continue. As a result, house prices are expected to experience further increases in the near future. Thus, buyers need to act fast when they are able to find a suitable house.