Despite dire property price predications a Border real estate agent believes the property market will continue growing in 2019, albeit at a slower rate than recent years.
House values across the major metropolitan centres are forecast to drop with Moody’s Analytics predicting the Melbourne market will slip 6 per cent in 2019.
The data predicts house values will increase across regional Victoria, but will decrease in Hume region which encompasses Wodonga, Wangaratta and Seymour.
Moody’s predicts a 1.5 per cent decrease in home values in the Hume region, but a Border agent believes the Albury-Wodonga property market will remain strong and continue to grow.
Nicholas Clark, a director at Stean Nicholls Real Estate, said many markets outside the major cities of Melbourne and Sydney, including Canberra, Adelaide and regional centres were experiencing growth.
Mr Clark said the past few years’ growth in metropolitan areas had been unsustainable and prices were now correcting, but the Border was a different story.
“The growth in the area around Albury-Wodonga has been quite strong for a few years and will keep growing, probably not at the rate we’ve seen in the past four years, but still growing strong,” Mr Clark said.
“The market will come back a bit in Melbourne and Sydney but regionally it should continue strong.”
Mr Clark said APM’s Price Finder showed Albury’s median house price was at $557,500, up 10 per cent from $508,500 last year.
IN OTHER NEWS:
Wodonga’s results were also steady with the median price at $343,500 a slight increase from last year at $342,500.
Mr Clark said people priced out of the Sydney and Melbourne property market were looking to the Albury-Wodonga region, while Albury-Wodonga Cancer Centre was a big drawcard for baby boomers looking for a tree-change.
He said increasingly people did not have to live where they worked, and could connect remotely which enables more people to consider a regional change.
“We’re seeing baby boomers start to turn 70 which is bringing an influx of people wanting to down-size and relocate for a tree change come into Albury-Wodonga,” he said.
“People are still being priced out of the market.”
Receive our daily newsletter straight to your inbox each morning from The Border Mail. Sign up here