Wodonga Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW In Q2 2024, Wodonga* recorded a median house price of $570,000, and a median land price of $217,000. This represents annual (Q2 2023 – Q2 2024) price growth of 1.5% for houses and 0.9% for vacant lands. On an annual and quarterly basis house sales have increased, to a record high of 200 sales in Q2 2024. This suggests that there is high demand for houses, creating a buffer against higher interest rates. Owners can take this opportunity to capitalise on their investment. The vacant land market is resilient, at a record high of 90 sales in Q2 2024. With very little new ready-to-sell stock planned for the rest of 2024, now is an ideal time for buyers to act; before house prices increase even further.
CHANGE FROM LAST
YEAR
Wodonga* is set to see approximately $89.0M worth of new projects commencing in the 2nd half of 2024. Residential
$1.0M Commercial
$11.7M
Mixed-Use
HALF YEAR
$25.0M
HOUSE SALE S Infrastructure
HOUSE ME DIAN PRICE
$51.3M
HOUSE RE NTAL PRICE A strong focus on infrastructure projects will improve liveability for residents and create local jobs during the construction phase. This can have an impact on the real estate market, in the form of more people choosing to live in Wodonga* and leading to higher demand for housing.
LAND SALE S LAND ME DIAN PRICE
$
A key infrastructure project is Haven Wodonga Private Hospital (State Government, $45.0M). This project will improve healthcare services for residents and create more jobs.
MARKET CONDITIONS MEDIAN PRICE Q2 2024
$570K
$217K
RENTAL PRICE Q2 2024
$495
SALES
AVERAGE DAYS ON MARKET Q2 2024
69
117
HOUSE
L A N D
RENTALS
$380
AVERAGE DAYS ON MARKET Q2 2024
18
15
HOUSE
L A N D
The only residential project planned in the 2nd half 2024 is 143 Hume Street Dwellings, adding just 4 dwellings to the market. The lack of new ready-tosell stand-alone houses are expected to drive-up house price even further, as house sales reached a record high in Q2 2024. Other projects include: •
Immix Bandiana Metal Recycling Plant Redevelopment (Mixed-Use)
•
Federation Clinic Baranduda (Commercial)
4 Dwellings