Prices remain static amid Albury/Wodonga sellers under no pressure: HTW

Despite slightly fewer sales, the Albury/Wodonga median house price remains static – probably because vendors are not being forced to discount heavily and are not under pressure to sell.

The latest Herron Todd White residential market update shows there has been no increase in the numbers of mortgagee – or distressed – sales.

‘’Purchasers seem to be accepting that the asking prices are fair and reasonable and are not negotiating cheaper prices,’’ the update says, with ‘’many active buyers’’ in the marketplace. The update says this is particularly so in the popular areas of west Wodonga, Lavington, east Albury and central Albury.

The Albury median is $370,000 – similar to that reached before the 20007-2008 GFC. The Wodonga median of $250,000 has followed an identical pattern, the update says.

Herron Todd White says a ‘unique’ sales program held in the old Charles Sturt University consists of a number of large, old houses previously used for offices and teaching rooms. The 1930s buildings have nearly all sold with prices ranging from $500,000 to $550,000.

‘’They require considerable expense to convert back to dwellings but, once complete, will be quite desirable due to their location and character. Also on offer are vacant lots which are selling well and for higher than average prices.’’

The region is stable in terms of population, industry growth and climate/environment change, the update says. It appears to be well balanced. ‘’This should provide confidence and reliability for investors to project returns without a large range of risk factors.’’

With the railway line diversion the Wodonga CBD is undergoing a multimillion dollar redevelopment with focus shifting to a modern regional shopping and office location.

‘’It’s a pleasant region to work and play. Shopping, schooling and sporting options abound. Why would you want to work anywhere else?’’ the update asks.