Wodonga's latest real estate boom has reached a highpoint with a luxurious home creating a city-wide record for the highest price paid for a residential property a second time.
The five-bedrooom home in Caernarvon Court in the Castle Heights area has sold again this week for $2 million.
Eleven years ago the property sold for $1.5 million, eclipsing the previous residential property record of $1.06 million paid in 2007.
But Caernarvon Court lost its mantle when another high quality Wodonga home in McGaffins Road went for $1.74 million.
"It was a fair price for a landmark home in Wodonga," First National Real Estate's William Bonnici said.
"The quality of the home is undeniable, but it also has uninterrupted views of the entire region, not just Wodonga."
The former owner of Caernarvon Court is staying in Albury-Wodonga, but has elected to downsize after owning the property for more than a decade.
It has been purchased by another local buyer.
The Caernarvon Court home was built in 2002 by Wodonga builders Contemp Homes after being designed locally by Gary Gray.
It consists of 70 squares of living split over two levels with a multitude of features including two kitchens, gymnasium, fully fitted out cinema room and indoor and outdoor pools.
In 2006, the home was listed for sale for $2.5 million, but didn't sell.
Mr Bonnici hadn't started his real estate career when Wodonga witnessed its last housing boom in the early 2000s.
But in the last 12 months his agency alone has sold eight Wodonga homes for more than $1 million with the majority of them also being to local buyers despite the perception city investors have been the most active.
"The market in Wodonga has certainly matured," he said.
"We're certainly seeing less delineation in that Albury-Wodonga market.
"It used to be that you had to spend a bit more on the other side of the border."
The $1 million properties sold by First National Real Estate in the last 12 months in Wodonga were two homes in Lambourn Drive, Golf Links Avenue, Brewer Drive, Barton Street, Corella Way, Kingswood Way and now Caernarvon Court.
Mr Bonnici said he couldn't see any immediate end to the current property prices spike on the horizon.
"Anyone who saw the last boom will tell you this is better than that one," he said.
"It's a perfect storm really.
"Our population across Albury-Wodonga is self sustaining.
"With the technology we've got now that means we don't need to travel out of the region to do a lot of jobs that we used to have to.
"We've also got industries here now that didn't exist five years ago.
"We've also got the cheapest money in our lifetime with interest rates so low and no sign of them going up any time soon."
Albury homes have been selling regularly for $1 million plus with a recent sale of close to $2 million in Olive Street.
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