In the fourth quarter of 2020, the average price of a standard home in Albury reached $415,000, while the median vacant land price within the city was estimated at $150,000. These figures represent an increase of 7.8% for houses and 4% for land.
The growing real estate market in Albury indicates that there is a booming demand for properties in the city. This demand is fueled by the influx of people relocating from major city centres to Albury.
Image source: Visit Albury Wodonga
Although population growth can influence an area’s property prices, there are other factors that can have a bigger impact on the demand for real estate. In Albury’s case, one of these factors is the city’s thriving economic conditions.
Recent developments in Albury paved the way for various business and employment opportunities. Today, different sectors can be found within the city, such as healthcare, education, retail, food services, and manufacturing. These employment opportunities, combined with the city’s strategic location, which is near major urban cities, make it an ideal place for those looking for work. In fact, there are around 40,000 working individuals in Albury and its twin city Wodonga. This means that approximately 37% of working professionals in the Hume Region are in Albury-Wodonga.
Even during the pandemic caused by the COVID-19 coronavirus, which severely affected various industries across Australia and the rest of the world, Albury-Wodonga was still able to maintain its steady economic conditions.
According to Terry Ryder, a hot-spotting expert, the number of essential industries in Albury and Wodonga helped these two cities stay afloat even during tough socio-economic times. Sectors and establishments such as hospitals, medical services, aged care, and supermarkets became the top employers in these regions due to the need to provide essential services during the pandemic.
Being in lockdown for a long time and working from home during the pandemic also made many people question their priorities and lifestyles. Realizing that they could still earn a decent income without leaving their homes, people started relocating to suburban and rural areas to get from the stressful effects of living in a busy city or highly urbanised area.
Due to Albury’s thriving local economy and the number of working individuals residing in the city, the area was able to develop its own leisure sector that supports festivals, a food and music scene, arts and culture, and outdoor and nature activities. These factors attract more young buyers into investing in properties in Albury.
Image source: Border Mail
In other words, Albury has grown into a place that offers everything that a potential home buyer wants and needs. Aside from being a great place to work in, the city also offers a variety of leisure activities that one can engage in to relax and have fun.
These are the main reasons why Albury is the perfect place in the country to invest in a property. With its current status, investors can expect to see more positive developments in the future, which can help further improve its already flourishing real estate market.
If you’re considering relocating to Albury or investing in a property in this city, make sure to get in touch with Ray White Albury Central. Through this firm’s extensive market insight and collective network, its real estate experts can help you find the right property in Albury that fits your needs, preferences, and budget.