According to realestate.com.au the Yarrawonga median price to purchase a house is $629,500, down by 7.4% in the past 12 months.
Over a five year period, median price trends for purchasing a house rose from around $350,000 up to $660,000 until around December 2022 with markets then seeing a slight downfall before plateauing around the $600,000 mark.
In terms of units, median prices continue to rise with the past 12 months seeing an increase of 19.5% to $465,000.
In the past month, 143 houses were available to purchase for a median time on the market of 110 days while 22 units were available for a median time of 63 days.
In the past 12 months, 108 houses have been sold in Yarrawonga whilst 23 units have been sold.
Over the river in Mulwala, the median price to buy a house is $650,000, down by 4.4% in the last 12 months whilst a unit would cost you $480,000, up by 15%.
Twenty five houses have been available in Mulwala over the past month with 40 sold in the past 12 months for a median time of 70 days.
In terms of units, 7 units have been available in the past month with 19 sold over the year for a median time of 38 days.
Director of Seeliger Real Estate Mark Seeliger said locally the demand is really strong at the moment with his business having unprecedented sales and smashing a few of their own records sales wise.
“The higher end is moving really well but the lower end is a little harder to move,” Mr Seeliger said.
“We are not getting a great deal of enquiries on units but the land is tough because there is so much of it around at the moment.
“In saying that though, your medium size houses upwards, the demand is incredible.
“I think the market has been stronger than in previous years.
“I know other regional towns are pretty strong but in all honesty it is kind of hard to look at the sales numbers in other towns and regions. I know the market in Melbourne is very poor at the moment, but we are still seeing it strong here.
“I know of people who have numerous properties in Melbourne and they can’t get rid of one of them.”
In terms of renting, Mr Seeliger said the rental market is incredibly solid with realestate.com.au figures showing the median price to rent a house in Yarrawonga is $480 per week, up 4.3% in the past 12 months. The median price to rent a unit in Yarrawonga is currently $360 per week, also up by 4.3%.
In the past month alone, 14 houses were available in the past month for a median time of 15 days.
Figures were much the same to rent a unit with 12 units available for a media time of 21 days.
In the past 12 months, 129 houses have been leased compared to 48 units.
Rent for a home in Mulwala will cost you a median value of $450 per week which is up 15.4% compared to last year with 10 houses available in the past month, with 31 leased over the past 12 months for a median time of 20 days.
For a unit, Mulwala renters are paying a median $351 per week, up 2.9% to last years figures.
Six units were available in the past month with 26 least in the past 12 months for a median time of 15 days.
“The rental market is incredibly strong at the moment. As soon as we put a rental property up, we will have five applications on them straight away,” Mr Seeliger said.
“In Melbourne for example, rentals are really tough but up here, half the time we don’t even have to advertise them. We have people on our books and they just go.
“There are definitely people who are building then renting for sure.
“People looking to buy or rent is equally as strong in both. We have lots of competition for rental properties and if the right properties for sale are priced right, we will get competition on them as well.”
According to CoreLogic data ‘Best of the Best 2023 Australia’, Mulwala finds themselves number four on the strongest 12-month growth in rents across regional NSW with an annual change of 9.4% for a median rental value of $351.
CoreLogic Head of Research, Eliza Owen, said home values were broadly resilient under the conditions they have faced this year, however, there were some signs that high housing costs were biting with 2024 expected to be far more subdued for capital growth.
“Housing activity rebounded through early 2023 as buyers took advantage of lower prices, however towards the end of 2023 affordability constraints have become more pressing, skewing demand towards the middle-to-lower end of the pricing spectrum,” Ms Owen said.
“Looking ahead, recent deterioration in a range of market metrics are pointing towards a more subdued residential housing market in 2024.
“It is not uncommon for downswings to eventually cascade down to the more affordable segments at a lag. For this reason, even markets with very strong performance could see a reduction in the pace of growth through 2024.
“However, market conditions could once again strengthen towards the end of the year if there is a loosening in monetary policy.”
Ms Owen also expects rental growth will continue to slow but may not decline nationally.
“In 2024, there are several factors which should support a further deceleration in rental growth,” Ms Owen said.
“Unfortunately for renters, a slowdown in the rate of rent increases does not necessarily mean rents will fall.”
A National Seniors Australia report titled ‘Suitable Housing in Later Life’ also revealed the impact a lack of affordable and age-appropriate housing is having on older Australians however Mr Seeliger said over 50s in the Yarrawonga Mulwala region needn’t worry too much as there appears to be enough appropriate housing for the demand.
The report shows housing affordability has plagued 65% of respondents aged 50 and older. Around 45% live in homes unsuitable for later life because they’re too big, need costly modifications or security of tenure can’t be guaranteed.
National Seniors Australia Chief Executive Officer Mr Chris Grice said the findings show 39% of older renters experienced severe cost of living impacts with renters nine times more likely than others to be acutely concerned’ about their ability to afford housing while mortgagees were four times more likely.
“Housing security clearly remains a problem for renters, with many wanting easier and more affordable pathways to buy, or more secure, affordable, long -term rental options,” Mr Grice said.
“The results support our call for an increase to the Commonwealth Rent Assistance. While we were pleased to see a 15% increase to the maximum rate in the Federal Budget, it is not enough.”
Mr Seeliger said that he believes there is enough affordable, age appropriate housing in the local area for the demand at the moment with smaller type properties that are suitable for just one or two people, not tending to stay on the market for too long.
“I think we are going ok for that type of product on the market at the moment,” Mr Seeliger said.
