Contributor: Jamie Horne – Principal – Indigo Real Estate
As we delve into our mid-year Yackandandah real estate market update, we acknowledge the dynamic and fluid nature of the market as it continues to evolve. There have been notable shifts in recent months, supply-side challenges, and varying impacts on different property types and locations.
In terms of property types sought by active buyers, spacious homes set amidst picturesque landscapes remain a significant drawcard, with quality, low maintenance, centrally located homes also in demand. Homes requiring renovation are also sought-after, however, buyers of these properties are factoring in the increasing costs they may incur. Smaller, centrally located homes and units for downsizers are also sought-after, however the established supply and availability is limited. This results in many people who are ready to sell and downsize from their larger homes and acreage properties, being unable to relocate and offer their larger homes and properties for sale.
Recorded sales in Yackandandah and surrounds during the past two months have ranged from $480,000 for a small, centrally located two-bedroom home, through to $1,700,000 for a mid-size acreage, land only property. The statistical 12-month median Yackandandah sale price is $785,000. Yackandandah buyers are now broadening their search area to the neighbouring community of Wooragee where several small acreage properties, with homes, have recently sold between $940,000 and $1,350,000.
Rental demand in Yackandandah and our surrounding communities remains strong and has been exacerbated by a lack of supply as some rental providers sell their investments and new rental providers are not entering the market at the replacement levels required. Rental prices range from $285pw to $750pw, and a statistical 12-month median of $480pw.
Residential rentals also appear to have been impacted by elevated compliancy expenses, taxation costs, and rising interest rates. These are all costs that rental property providers, who will often have investment loans are having to consider when maintaining a viable rental property.
Commercial rental prices, which are often determined by CPI increases, have also increased significantly in recent months, and can be expected to impact our regional traders. Please continue to shop and support local whenever you can, by doing so you are empowering locally owned businesses to employ local, shop local, and donate locally.
Looking ahead, we expect our regional real estate market will remain stable and be driven by a combination of local, regional, and national interest. Our region’s natural beauty, quality lifestyle, and comparative affordability will continue to attract buyers seeking a change of scenery.
In conclusion, the Yackandandah and regional real estate market has shown resilience and steady growth despite recent challenges. The region’s housing sector has experienced sustained demand with lifestyle properties being particularly sought after. While supply-side constraints and varying rental market conditions persist, the overall outlook for the region’s real estate market remains positive, driven by its appealing lifestyle.
This article is for informational purposes only, you should not construe any part as legal, tax, investment, financial, or other advice.