COVID-19 pandemic may influence all drivers of Albury property market: HTW residential

COVID-19 pandemic may influence all drivers of Albury property market: HTW residential
COVID-19 pandemic may influence all drivers of Albury property market: HTW residential

The Albury-Wodonga region boasts around 110,000 people, enjoying one of the most vibrant cross-state regions combining all the Murray River has to offer and beyond north and south of the New South Wales and Victorian borders, according to the latest Herron Todd White (HTW) residential report. 

The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.

"The drivers of the property market are affordability, access to finance, lifestyle, tourism and the buoyancy or otherwise of the Melbourne property market. Different purchasers behave and benefit accordingly," the valuation firm said. 

First home owners have options due to a good supply of existing entry level stock and competitive house and land packages from a range of builders in new suburbs on both sides of the border.

Similarly the upgrading or relocating family in the region can buy existing stock, build or in many cases buy to occupy and also purchase an investment property, often positively geared, the report noted. 

As the regional property market has proven to be a long game, the downsizers, whether local or relocating, receive the benefit of long term growth and a good choice of lower maintenance homes with room for the van or golf buggy.

Over the past few years, both Albury City Council and Wodonga City Council have undertaken large scale redevelopment projects aimed at revitalising city centres and involving the community in local events, the idea being that the cross city vibe should be complementary rather than us and them.

The report notes Wodonga is certainly gaining ground with strong sales activity and good growth as locals and visitors alike tap into the north-east offering. 

"The local outlook is much the same as the attitude of the region, positive, proactive, productive and steadily more diverse. It is all here bar the beach and people tend to focus on the things they can change, which from a property perspective is the ability to move within the market and invest further in the market.

"No one external big picture factor dominates as low volatility goes hand in hand with stable markets, however as we reach submission deadline, the effects of the emerging COVID-19 pandemic may reach and influence all drivers of all markets," the valuation firm said. 

COVID-19 pandemic may influence all drivers of Albury property market: HTW residential

A Californian bungalow inspired townhouse in Albury has recently been sold for $675,000.

The three bedroom, two bathroom house is situated at 692 Jones Street (pictured above). 

It features open plan living, dining and kitchen, oak timber flooring and ample storage. 

COVID-19 pandemic may influence all drivers of Albury property market: HTW residential

A current listing is a 1940s family home located just moments from the Albury CBD.

The 717 Jones Street home (pictured above) has been offered for sale with a price guide of $895,000 - $915,000.

Set on a 1,076sqm allotment, it comprise four bedrooms, formal lounge, renovated kitchen, and separate dining room. 

Note regards COVID-19

This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.
This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.
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Albury Htw

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