Tumbarumba Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
the 1st half 2024, Tumbarumba* recorded a median house price of
In $375,000, and a median vacant land price of $245,000. This represents annual (1H 2023 – 1H 2024) median price growth of 29.3% for houses and significant growth (more than double) for vacant land. Comparing H1 2023 – 1H 2024, total house sales declined by -10.0%, to 18 sales in 1H 2024. The vacant land market remain small, at 6 sales in 1H 2024. This suggests that there is an undersupply for houses and high demand for land. Now is an ideal time for owners to capitalise on their investments, and with no new housing stock planned; for buyers to enter the market.
CHANGE FROM LAST
YEAR
Tumbarumba will see approximately $7.8M of new projects commencing construction between 2020 and 2024
HALF YEAR
Infrastructure
$3.8M
HOUSE SALE S
Commercial
$4.0M
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. Combined with commercial projects, This can attract more people to live in Tumbarumba, 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 1H 2024
$375K
$245K
MEDIAN PRICE Q2 2024
$382
SALES
AVERAGE DAYS ON MARKET 1H 2024
113
N/A
HOUSE
L A N D
RENTALS
$240
AVERAGE DAYS ON MARKET Q2 2024
19
58
HOUSE
U N I T
The two commercial developments between 2020 and 2024 are the Costa Group Storage Shed ($2.0M) and Mount Tumbarumba Adventure Park Mountain Bike Facility ($2.0M). The largest infrastructure project is the Tumbarumba to Rosewood Rail Trail Bridges ($1.3M). The other infrastructure developments are: •
Bago State Forest Bridges ($1.0M)
•
Walteela Road Bridge ($888K)
•
Coppabella Creek Suspension Bridge ($610K)
There is an absence of residential developments planned between 2020-2024. Thus, the undersupply of house and units will continue. This puts more pressure on an already tight market, pushing prices up further and making it harder for first home buyers to enter the market.