Tumut Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Tumut* recorded a median house price of $450,000, and a median land price of $190,000. This represents annual (Q2 2023 – Q2 2024) median price growth of 5.9% for houses and 5.6% for vacant land. Comparing Q2 2023 – Q2 2024, houses sales increased by 17.5% (to 67 sales in Q2 2024) whilst land sales decreased by -9.1% (to 10 sales in Q2 2024. Confidence has returned to the Tumut* house market, as prices have continued to grow even with higher number of sales. The land market is experiencing an undersupply. Overall, this suggests that now is an ideal time for owners to capitalise on their investments.
CHANGE FROM LAST
YEAR
Tumut is set to see approximately $53.8M new projects commencing construction between 2020 and 2024.
Commercial
Residential
$700.0K
$3.2M
HALF YEAR
HOUSE SALE S
Infrastructure
HOUS E ME D IAN PRICE
$50.0M
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 Tumut, which will have a spill-over impact on the real estate market, in the form of higher demand.
LAND S AL E S LAND ME D IAN PRICE
Tumut District Hospital ($40.)M) is a key infrastructure project in Tumut*. This project will greatly benefit the area, creating local jobs and better healthcare services for residents.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$450K
$190K
MEDIAN PRICE Q2 2024
$420
SALES
AVERAGE DAYS ON MARKET Q2 2024
97
43
HOUSE
L A N D
RENTALS
$310
AVERAGE DAYS ON MARKET Q2 2024
There are two residential projects set to commence construction in 2024: •
Lot 9 Fitzroy Street (6 dwellings)
•
140 Lambie Street Units (3 units)
Although there are some new-builds, this is not enough to satisfy demand. With very little new ready-to go stock planned, the Tumut house remains undersupplied. This puts pressure on an already tight market, pushing up house prices further. Thus, now is the time for buyers to enter the market.
35
24
6
HOUSE
U N I T
Dwellings
3 Units/ Apartments