What about Wodonga?

[sumterrence]

Hi Guys,

I've been looking at Wodonga for a long time, it looks promising as its linked with Albury and it's pretty much a self sustained little city with a few Universities and Tafes.

But just for some reason the price doesn't really move and I've had this inner voice kept doubting this place but can't physically figure out what was the doubt

Anyone with experience or have been looking can share some thoughts?

Cheers!

 

[Brady]

Haven't looked into the area at all personally. Price is demand v supply, are there many buyers, population growing? How much stock is available? Is there more land available close by that can increase supply and meet demand?

 

[Rixter]

Check out the area underlying fundamentals and you will find it comes back to Supply v Demand.

 

[WattleIdo]

Albury was hot not that long ago, wasn't it. And now the vacancy is quite high? I think I've read that here on the forums. I recommend doing a search.
I heard someone say that Wodonga would be worth a serious look because it's a cheaper buy in and there's some bridge or development going ahead? This will connect the two centres more closely.
If it's plateauing, now could be a good time to look around - if you can be patient.

 

[devank]

We bought one cheap one in West Wodonga in 2013. I thought it had/has everything University, Hospitals, Shopping centers, multiple economy, decent population, only few hour from Mel etc.
Back in 2013 the median house price was about 260K. Now it is 295K. That is about 13% increase in 2 years. Not bad for a gamble

 

[devank]

Just looked up the stats for West Wodonga houses.
Median price $295,000
12-month growth - 8.46%
3-year growth - 7.27%
5-year growth - 5.36%

Gross rental yield 5.64%

It is not bad for a long-term buy& hold investor.

 

[aussieslr]

The development going on in Wodonga is the redevelopment of the old rail land right through the middle of town. They are realligning streets in the CBD to improve access, adding open spaces and building new retail shops. I think it will be a very different place in 5 years time when it is all done.

 

[jrc]

When in Albury before Easter the locals were using the freeway as their preferred connection between suburbs on the NSW side. As a result I think the freeway already makes albury- wodonga much more interconnected than in the past. Don't know about Wodonga but the suburbs keep expanding on the Albury side so there is plenty of land available

 

[yorkiefish]

hi sumterrence,

i live near wodonga and work there lots, there is a big demand at the moment for wodonga, plenty of melbourne and sydney investors chasing the yields here, wodonga has the highest growth rate in victoria at the moment 4.5 % vic is 2.5.
and they're only realeasing the land slowly so its contained. majaor upgrade of the high st just finished and now redeveloped the old railway station and land.
good luck let me know if you need more info or specific address etc as i am a carpenter doing realestate maintenance in most of these houses etc.
yorkie

 

[sumterrence]

hi sumterrence,

i live near wodonga and work there lots, there is a big demand at the moment for wodonga, plenty of melbourne and sydney investors chasing the yields here, wodonga has the highest growth rate in victoria at the moment 4.5 % vic is 2.5.
and they're only realeasing the land slowly so its contained. majaor upgrade of the high st just finished and now redeveloped the old railway station and land.
good luck let me know if you need more info or specific address etc as i am a carpenter doing realestate maintenance in most of these houses etc.
yorkie

Thanks Yorkie will let you know if I need your help good to know a few carpenters around aus

 

[devank]

i am a carpenter doing realestate maintenance in most of these houses etc.
yorkie

Send me a PM with your contact details. I'm sure I'll need a carpenter in the future

 

[Tristan1]

I bought house and land package for 310K in the White Box Rise Estate Wodonga. 4 bedroom/two bathroom/ two car garage. Build was finished January 2011. Currently rented for $385p/w. Valued at 350K in January 2015. 40K growth in 4 years = about 3-3.5% growth (not enough for mine).

Its positive cashflow/set and forget. In hindsight I would have bought somewhere where the growth would have been stronger. I don't see capital growth in Wodonga sky rocketing any time soon, just staying consistent around that 3-6% mark. Best bet would be to grab an existing older property well below market value close to CBD. With all the new houses going up, it will drag these properties along. The problem with new properties as soon as there built, they are price well over the median price in this region. This will limit your exposure to any short-medium term gains in the market. .