Nagambie Market Update 1 st H a l f 2 0 2 4
0407 057 036 Matthew.Chilcott@prd.com.au
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024, Nagambie* recorded a median house price of $575,000, and a median land price of $265,000. This represents annual (Q1 2023 – Q1 2024) growth of 3.6% for houses but a softening of -3.6% for land. In the past 12 months to Q1 2024, total sales surged by 42.9% for houses and 14.2% for vacant land. Higher level of demand for both property types has created a buffer against cash rate hikes, making now an ideal time for owners to transact. Land have become more affordable, in good news for buyers. With no new supply planned for 2024, the current market presents a window for buyers, before prices increase.
CHANGE FROM LAST
YEAR
Nagambie* will see approximately $112.0M worth of new projects due to commence construction in 2024.
Mixed-Use
HALF YEAR
Projects
$40.0M
HOUSE SALE S
Commercial
$65.5M
HOUS E ME D IAN PRICE HOUS E RE NTAL PRICE
Infrastructure
$6.5M A strong focus on commercial projects will stimulate economic growth and create new local jobs. This can have an impact on the real estate market, with potentially more people choosing to live in Nagambie* and higher demand for housing.
LAND S AL E S LAND ME D IAN PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q1 2024
$575K
SALES
$265K
MEDIAN PRICE Q1 2024
AVERAGE DAYS ON MARKET Q1 2024
88 HOUSE
RENTALS
L A N D
AVERAGE DAYS ON MARKET Q1 2024
15 projects are planned to commence construction in 2024, however there are no residential projects among them. The absence of new standalone dwellings suggests demand for housing will continue to surpass the available supply. With an undersupply imminent, house prices will most likely further increase in the near future. A key mixed-use project is Elloura On Lake Nagambie - Commercial MixedUse Development ($40.0M), which will construct a commercial centre and three multi-level restaurants, boutique specialty shops, a conference centre, a hotel with 100 two-bedroom units, and a chapel. This will stimulate the tourism and commercial industries, creating more local jobs. Key infrastructure projects include:
$508
$258
45
18
•
Nagambie-Locksley Road Bridge Replacement
HOUSE
U N I T
•
Strathbogie Shire Council Roadworks Reseal (infrastructure)