So says senior economist Andrew Wilson, of Domain, whose September figures show Wodonga’s median house price is $316,000, a rise of 1.9 per cent from June and 10.9 per cent in 12 months, based on sales in the local government area.

Albury’s median result was $297,000, a fall of 4.8 per cent from the previous quarter and 1 per cent down compared with September last year. The data includes all suburbs of Albury, such as Lavington and Thurgoona.

“Albury’s been threatening to get below $300,000 for a while now,” Dr Wilson told The Border Mail.

“When I was up there earlier this year, there’s no doubt it was a weaker market even then. These things can bounce around from quarter to quarter, but there’s no doubt the Albury market has been going through a subdued period.

“And a lot of that, I believe, reflects the under-performance of the local economy.”

Dr Wilson highlighted unemployment rates and jobs growth as key economic indicators.

“I don’t think there’s any surprise that, given what recent trends are, the market is sort of moving a bit sideways if we look on the year by year,” he said.

He contrasted Albury with what he called “the positivity of Wodonga”.

“I think it’s just amazing what a difference the river makes,” the economist said. 

Real Estate Institute of NSW Albury division chairman Greg Wood disagreed with Dr Wilson’s interpretation of the figures.

“I don’t believe for a second that Albury’s going down in value,” he said.

“I think that we’re a very firm and very strong market.”

Mr Wood said inquiries and sales had been excellent, although stock levels had reduced during the wet winter.

“There’s been a large component of investors here, so I think that they are honing in on the cheaper end of the market and that’s the result,” he said.

Albury mayor Kevin Mack was unconcerned by Dr Wilson’s Border assessments.

“I don’t get caught up in this Albury-Wodonga thing,” he said. “I think Albury and Wodonga have a great lifestyle offering.

“The median house price might be a good thing for us, more people might move to Albury because it’s cheaper.”