Albury-Wodonga's affordability attracts first home buyers

Albury-Wodonga's affordability attracts first home buyers
Albury-Wodonga's affordability attracts first home buyers

First home buyers are significantly active in Albury-Wodonga, according to the valuation firm, Herron Todd White.

Its first home owners appear to be enticed by their first home being a new home and often this is achievable if they have been living at home or renting affordably whilst saving a deposit.

However, recent increases in vacant land prices may have given rise to first home owners reconsidering existing dwellings as their starting point, HTW noted.

It noted the detached dwelling sub $200,000 market diminish significantly, in most part due to investors rather than home owners.

"First home owners appear reluctant to buy the basic starter house despite a good supply of dwellings available sub $300,000.

"Upgraders seem to be on the move with better prices being achieved for basic housing stock and they are paying more as a result for the next home or trying to keep the first home as well."

First home owners have options in Albury-Wodonga and a budget of between $280,000 to $350,000 will secure a detached dwelling in a new housing estate or sub $300,000 budget gives options in the existing dwelling market.

A three-bedroom unit at 1/300 Norfolk Street (above) in Albury has just sold for $285,000 through Steam Nicholls.

A four-bedroom house at 427 Schubach Street in Albury was snapped up for $315,000. The estate agent was Tom Sanderson of Wodonga Real Estate.

Albury-Wodonga's affordability attracts first home buyers

The upgraders’ budget is around $350,000 to $450,000 depending on the property they are jumping up from and can be spread evenly between new and existing stock.

The forever home owner has the largest budget range of between $500,000 to $800,000 which may be a build or fully renovated dwelling.

The downsizer’s budget may also be dependant on where they have divested and is usually between $400,000 and $600,000 - low maintenance, central, all done or ready to tackle major renovation in prime locations with cash to spare.

HTW noted the last two categories are experiencing competition from many cashed up ex-Sydney or Melbourne relocators and the lower end of market is facing competition from out of town investors.

Around Albury-Wodonga 85% of dwellings are detached, with the remainder semi-detached with very few units.

The new housing stock is predominantly 3- to 4-bedroom, 2-bathroom detached dwelling on varying allotment sizes.

There have been some new developments completed with small allotments with a mix of homeowners and renters occupying these dwellings.

HTW noted there was also a recent spike in duplex construction usually with configuration of 3-bedrooms and 1- or 2-bedrooms, although the majority were marketed and sold to the investor market.

"Overall, probably due to the expectation of living in the country, a detached dwelling is preferable, in plentiful supply and still top of mind for most home buyers." 

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