The rise of Albury house prices outpaced the national average in the past year, according to data from National Property Group..
Most of this increase was from 2020 to 2021, while more recently prices rose 28.5 per cent between April last year and April 2022.
This puts Albury just above the national average for the last year. Across Australia house prices increased an average of 27.5 per cent in 2021, the strongest ever annual growth, according to the Australian Bureau of Statistics.
In recent months, the slowing of the economy and rising interest rates have stifled the rise of house prices, but they have not yet dropped dramatically in this region.
The Border Mail compared four Albury-Wodonga suburbs and three from similar-sized regional centres in Victoria and NSW.
Albury's 28.5 per cent increase was the biggest, landing on a median of $806,000 while Shepparton had the lowest rise at 19 per cent to a $395,000 median for a house. The median for Lavington reached $420,000, East Albury got to $645,000 and Wodonga $470,000. Wagga's central suburb rose to $577,500 while the suburb of Kooringal reached $445,000.
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The combined median price for a house in these seven suburbs is currently $470,000. For that money, Wodonga offers a three bedroom, two bathroom house in White Box Rise available for just below the median price. Lavington has a three bedroom home on a 640.1 square metre block available for several thousand less than that at $465,000. Albury is the most expensive of the seven areas, but $409,000 can get you a two bedroom townhouse. A four bedroom property with room for four cars can be found for $595,000. In East Albury, a buyer could find a modern two bedroom townhouse with an outdoor entertainment area for $449,000.
Further afield, Shepparton had the lowest median prices. A four bedroom, two bathroom house on a 809sq m block in the centre of town is available for $470,000. Wagga has a three bedroom listing for just $5000 more, and in Kooringal you could get three bedrooms with a big under-house garage for $439,900.
Albury agent Nigel Horne, of Nigel Horne Real Estate, said people might need to reconsider what type of house they required.
"Since the pandemic took effect in 2020, property values have increased significantly in our region," he said.
"In my experience, demand has not slowed and there is still a shortage of properties.
"For first home buyers, this might mean the style, age or size of the property they purchase now may differ from what they could have bought before March 2020."
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