Albury Wodonga has been named a hot property market. Picture: Simon Dallinger
Albury-Wodonga has been named one of Australia’s hottest regional property markets, as buyers turn their attention away from major cities and towards the country.
Hotspotting expert Terry Ryder called the border town one of Australia’s “top five cheapies” and a regional hot spot for 2020/21 in two separate reports recently published.
He said the joint cities’ booming infrastructure projects had helped the area thrive through coronavirus.
RELATED: Melbourne lockdown to drive exodus to regional Victoria, interstate
Ballarat, outer Melbourne suburbs facing most forced home sales
A modest house designed for living large in Albury
Aerial view across Albury. Picture: Simon Dallinger
The border twin city is divided by the Murray River. Picture: Simon Dallinger
“The area’s biggest employers are hospital and medical services … aged care … supermarkets and food, and they have been pumping in this period,” Mr Ryder said.
“And the military, which has been unaffected by the current situation.”
He said a huge “exodus to affordable lifestyle” was underway across Australia, with towns one to two hours from capital cities thriving as a result.
Infrastructure projects have boosted the economy. Picture: Simon Dallinger
The cities have been in the spotlight with the border closed to NSW during coronavirus. Picture: Simon Dallinger.
Buyer’s agent Lloyd Edge said the cities had been a “popular choice for Millennials” who were “priced out of the housing market” in Melbourne.
He said a thriving economy allowed for a food and music scene, museums, festivals and an outdoor lifestyle valued by young buyers.
“For investors, this is an attractive place to invest because of the strong Albury-Wodonga economy that produces approximately $7.2bn gross regional product,” Mr Edge added.
12 Partridge Way, Wodonga is for sale.
The four-bedroom home has a $599,000 price tag.
CoreLogic shows Albury’s median house price increased 16.6 per cent in the past two years to about $500,000.
“Alongside less than 1 per cent vacancy rates, you can see why many first-time investors are looking here to get a foot on the property ladder,” Mr Edge said.
Wodonga Real Estate director Mark Rosevear said the area has a “recession-proof economy” which was buoyed by employment opportunities in tourism, government and retail.
6 Fulford Street, Wodonga sold for $285,000.
The area has been praised for its affordability.
“We’re a more affordable destination than traditional regional centres like Geelong and Ballarat, because we’re just a little further away up the Hume Highway,” Mr Rosevear said.
“But that makes it an attractive proposition for an investor — with a very tight rental market our yields can be some of the best, up around 5-6 per cent.”
He said inquiry rates had spiked during the pandemic.
Land in Albury Wodonga has been selling fast since the HomeBuilder grant was announced.
This block in Dartmouth sold for just $25,000.
“It’s an extremely hot market at the moment, with land sales going through the roof due to the federal government’s $25,000 HomeBuilder grant,” Mr Rosevear said.
“Residential homes are selling very quickly at full price … Wodonga seems to be doing a lot better than Albury at this point in time due to affordability, but it’s also largely cheaper to build new homes under the Victorian Government.”
READ MORE: Due North, Preston to feature rooftop pool, fitness hub
South Melbourne half-finished mansion for sale with plans
Melbourne lockdown: Petition urging real estate to reopen takes off
Check out more stories at The Albury Wodonga News here
Want to become a digital subscriber? Join now on our latest offer here
Like us on Facebook here
Contact Cassandra at cassandra.glover@news.com.au
The post Albury-Wodonga among top regional investment markets appeared first on realestate.com.au.