Local housing market remains strong

In terms of units, median prices continue to rise with the past 12 months seeing an increase of 3.1% to $459,000.

In the past 12 months, 133 houses have been sold in Yarrawonga whilst 39 units have been sold.

Over the river in Mulwala, the median price to buy a house is $610,000, down by 7.6% in the last 12 months whilst a unit would cost you $484,000, up by 24%.

Forty eight houses have been available in Mulwala over the past month with 34 sold in the past 12 months for a median time of 99 days.

In terms of units, 16 units are currently available with 29 sold over the year for a median time of 63 days.

Director of Seeliger Family Real Estate Mark Seeliger said locally the demand is strong at the moment with his business having unprecedented sales especially in commonly quieter periods.

“We went through our typical quiet winter period but we still sold pretty well though in all honesty,” Mr Seeliger said.

“Once the end of winter was coming around and the weather picked up, the enquiry has gone crazy.

“We are selling a lot of the lower end. For a good 6-9 months, we couldn’t sell anything in the lower market, but now it’s absolutely gone crazy.”

When asked if the market was stacking up to the demand, Mr Seeliger said it was two-fold.

“There is plenty of housing, there is a lot on the market here. We’ve got just as many houses on in Yarrawonga as what they have in Albury,” Mr Seeliger said.

“There is currently around 240 houses in Yarrawonga and around 212 in Albury.

“We are doing a lot of appraisals at the moment too. It looks like people may have spent their winter savings and are looking to head to the market.

“The new home buyers and downsizers have come back in. It’s a great sign.

“In July, we tracked above. The start of August started slow but moving into the second part has been excellent.

“As well as our close big town competitors, Melbourne has been struggling for buyers and for stock. It is highly competitive in Melbourne at the moment for good stock. Up here we still have plenty on the market.”

After a small resurgence during the first half of the year, regional markets are once again recording a slower pace of value growth compared to the capitals, with values up 1.3% and 1.8%, respectively, over the three months to July.

Affordability constraints, normalising listing levels and elevated interest rates have seen the pace of growth ease from a recent peak across both markets.

Additionally, demand for regional housing has eased as internal migration to the regions has slowed back to more normal levels.

In terms of renting, Seeliger Real Estate Senior Property Manager Cassie Roumbos said the rental market is incredibly solid with realestate.com.au figures showing the median price to rent a house in Yarrawonga is $500 per week, up 4.2% in the past 12 months. The median price to rent a unit in Yarrawonga is currently $380 per week, also up by 11.8%.

In the past month alone, 42 houses were available in the past month for a median time of 22 days.

Figures were much the same in terms of time on the market to rent a unit with 18 units available for a median time of 27 days.

In the past 12 months, 164 houses have been leased compared to 59 units.

Rent for a home in Mulwala will cost you a median value of $450 per week no change compared to last year with n one houses available in the past month, with 29 leased over the past 12 months for a median time of 24 days.

For a unit, Mulwala renters are paying a median $360 per week, up 12.5% to last year’s figures.

Ten units were available in the past month with two least in the past 12 months for a median time of 15 days.

“Our vacancy rate for rentals is near 0 which is fantastic,” Ms Roumbos said.

“We have three properties on the market and applications on all of them. There is a lot of people out there still looking. A lot of out-of-towners are looking to move in.

“We have seen a slight increase in pricing just due to everyday expenses and landlords being hit with land tax bills and that but they have remained reasonably comparable.

“That’s the thing, people are paying it and there are some nice homes out there to rent.

“If the homes are priced right, they are getting snatched up within 48 hours. As long as there is a good tenant then we are getting it secured pretty quickly.”

According to the CoreLogic regional rental index, the data recorded a 1.3% increase over the three months to July, down from a recent high of 2.8% over the March quarter. ‘

By comparison, capital city rents rose 1.1% over the three months to July, down from 2.9% over the three months to April.

Mr Seeliger summed up the state of housing in Yarrawonga and Mulwala and the positive signs for the local region.

“The prices are holding steady,” Mr Seeliger said.

“It is almost like a micro-market wherever you go at the moment, every area is having their own issues but the market in Yarrawonga is still strong.

“We are a destination town and people want to come here.”