Welcome to our SUMMER 2024 issue of HOME-GROWN. An Albury-Wodonga based Real Estate Magazine, keeping you up-todate with the latest listings and information as well as current local market statistics. In this summer edition, we have some insider information about new boutique apartments coming to Albury as well as some news about the building industry. We also have our most recent results and social snaps. We hope you enjoy reading our twenty third issue of Home-Grown as much as we have enjoyed putting it together for you. Here’s to a fantastic summer!
PICTURED ON FRONT -
COMING SOON – 17 BOUTIQUE APARTMENTS IN THE HEART OF ALBURY’S CDB
WHY INVESTORS CHANGE MANAGEMENT
RECENT RESULTS
NEW LISTINGS
LOCAL BUSINESS SPOTLIGHT IS IT REALLY MORE EXPENSIVE TO BUILD YOUR OWN HOME?
TENANT OF THE MONTH
DIRECTORS’ MESSAGE
SOCIAL SNAPS
538 THURGOONA STREET, ALBURY
COMING SOON 17 BOUTIQUE APARTMENTS IN THE HEART OF ALBURY’S CDB
COMING SOON – 17 BOUTIQUE APARTMENTS IN THE HEART OF ALBURY’S CDB
About:
A Vision Re-imagined: The Old Ambulance Station Transformed
In late 2018, Roger Arnold acquired Albury’s historic Old Ambulance Station with no immediate plans for its future. Fast forward to today, and plans have been approved for a stunning boutique apartment complex that blends history with modern luxury. In collaboration with Techne Architects, Roger envisioned a design that preserves the building’s heritage while incorporating contemporary living spaces above and within the original structure. A collection of meticulously designed apartments that redefine urban living in Albury. With precision and attention to detail, each apartment promises a level of quality and sophistication never before seen in the area.
Set in a prime position just metres from the lush greenery of The Botanical Gardens, this project offers residents the ultimate in convenience and lifestyle. Whether you’re looking to enjoy the vibrant atmosphere of Albury’s CBD or seek a peaceful retreat surrounded by nature, this location is truly unmatched.
These exclusive apartments are tailored for those who appreciate the finer things in life. Downsizers looking for a sophisticated, low-maintenance lifestyle in the heart of Albury will find these apartments ideal for their next chapter. Investors will also see the value in this one-of-a-kind development, given its exceptional location and potential for strong future growth.
With its proximity to parks, cafés, shops, and cultural attractions, this is an opportunity to own a piece of Albury’s history—re-imagined for today’s discerning market.
*ARTISTS IMPRESSION
The Developer:
Roger Arnold – A Legacy in the Making Roger Arnold is a name synonymous with dedication, hard work, and a deep-rooted connection to the Albury region. As a driving force behind the family-owned fruit and vegetable business, Arnold Produce, Roger has spent decades contributing to the local community, providing fresh, quality produce and nurturing the business his family built. Now, with an eye toward the future, Roger is channeling his passion and entrepreneurial spirit into a new venture—one that not only marks the next chapter of his personal journey but also creates a lasting legacy for the Arnold family. “This is a project that represents where I am in life and where I want to go,” says Roger. “It’s about creating something that will stand the test of time—a building that not only honors the past but also embraces the future.”
The Architect (about) Techne
Techne are architects and interior designers who’ve been crafting spaces of unique character for over 20 years.
As an integrated studio, Techne consider the architectural form and the intimacy of the interiors as one. Their projects are renowned for being distinctive, layered and multi-faceted. With a holistic approach, Techne examine every aspect from timeframe and budget to commercial operations and lasting quality.
The Design
The Ambulance Station Apartments transforms Albury’s historic 1934 ambulance station into a luxury residential and commercial development. Spanning 907m², it features 17 thoughtfully designed apartments (1-3 bedrooms), commercial spaces, and 28 car parks. The design celebrates the building’s heritage through symmetry, soft curves, and classical details while drawing inspiration from the nearby Albury Botanic Gardens.
*ARTISTS IMPRESSION
COMING SOON – 17 BOUTIQUE APARTMENTS IN THE HEART OF ALBURY’S CDB
Key Details
Address – 663 Dean Street Albury
Architect – Techne
Developer – Roger Arnold
Sales Team – Stean Nicholls Projects
Plans – 6 storey (plus basement car parking), 17 boutique apartments and 1 Commercial space (175m2).
The Mix
Commercial Area (Ground Floor) – Internal 175m2
With additional entrance foyer for the apartments
1 x One Bedroom
11 x Two Bedroom
5 x Three Bedroom
Development Application approved – August 2024
Builder – To be Confirmed
Release Date – February/March 2025
Estimated Completion – End 2026
*images
The Sales Team:
At the helm of Stean Nicholls Projects is a dynamic father-son duo - David and Geoff Stean - leading a dedicated projects team with the Stean Nicholls team of 28 professionals focused on delivering exceptional services throughout Albury, Wodonga, and the surrounding region. With decades of combined experience, their team is renowned for handling some of the most prestigious developments in the area, including landmark projects like The Hamilton, The Botanical, and now, the highly anticipated Ambulance Station Apartments.
Off the plan sales available early 2025. Contact us to register your interest.
WHY INVESTORS CHANGE MANAGEMENT
WHY INVESTORS CHANGE MANAGEMENT
As a property owner, the decision to change your property management team is not one taken lightly. At Stean Nicholls, we are committed to addressing the issues that prompt such changes. Let’s explore the common reasons for switching and how our team stands out in the market.
Staff Turnover
Property owners often consider changing property management due to frequent staff turnover. In Victoria, property management turnover mirrors the national rate of 30% to 40% annually due to the demanding nature of the job, including managing renter and rental provider expectations, regulatory changes, and heavy workloads. At Stean Nicholls we have excellent staff retention and longevity which is rare in this industry.
While it might seem logical to switch agencies, this may not solve the problem if the new agency lacks a foundation for longevity. At Stean Nicholls, we understand the importance of a stable team and have structured our business to address this common concern.
Understanding Staff Changes
Staff changes in property management can significantly impact service. It’s important to understand the various factors contributing to these changes:
Career Progression: Talented individuals seeking advancement opportunities.
Life Events: Temporary changes due to maternity leave.
Family Relocation: Personal circumstances necessitating a move.
Commute Challenges: Long or difficult commutes leading to job dissatisfaction.
Workplace Culture: Poor cultural fit or unsupportive work environments.
Industry Demands: High-pressure nature of property management.
Understanding these factors is key to addressing turnover and creating a stable team. At Stean Nicholls, we’ve developed strategies to mitigate these issues and ensure continuity of service.
282 WIRRAWAY STREET, EAST ALBURY
The Stean Nicholls Difference
Comprehensive Training: We train our colleagues across all areas of property management, ensuring a well-rounded team.
Clear Career Progression: We offer pathways from entry-level to leadership roles, encouraging longterm commitment.
Specialisation Opportunities: Team members can focus on areas where they excel, whether it’s leasing, business development, or property management.
Supportive Work Environment: We prioritise worklife balance and employee satisfaction to reduce burnout and turnover.
Knowledge Continuity: Our team structure ensures that property information is shared, minimising disruption during colleague changes.
Why Choose Stean Nicholls
Beyond staff stability, we offer:
Expert Communication: Regular updates and a dedicated point of contact for each owner.
Rigorous Renter Screening: Comprehensive background checks and clear selection criteria.
Proactive Maintenance: Regular inspections and a network of reliable contractors.
Financial Expertise: Timely rent collection, detailed reporting, and advice.
Market Insights: Regular analysis ensuring competitive pricing and strategic improvements.
At Stean Nicholls, we go beyond property management to nurture and grow your investment. Our approach provides peace of mind, knowing your property is cared for by a stable, experienced team that values your investment as much as you do.
Discover why Stean Nicholls is the smart choice for property owners. Our innovative solutions to industry-wide challenges offer a truly distinctive management experience.
686 NERIDA AVENUE, ALBURY
RECENT RESULTS
RECENT RESULTS
The Home Inspirations retail store in Wodonga has been the borders favourite gifting and homewares destination for nearly 20 years. From high end cookware to kitchen gadgets, from tableware to candles and diffusers, Home Inspirations is the local one stop shop servicing the Albury Wodonga region.
With over 2500 different products in store Home Inspirations offers local customers an in store experience second to none. Backed by a team of friendly and knowledgeable staff that are happy to spend time with customers and find that perfect gift or product for the home. Good old fashioned service with a smile is the point of difference that is so different from the on line environment of todays world.
IS IT REALLY MORE EXPENSIVE TO BUILD YOUR OWN HOME?
Making savvy decisions well before the house hunting journey begins won’t only save you money at the point of purchase, it could also pay dividends when selling or refinancing.
Asking yourself if it’s better to build, or buy an existing property, is a great place to start as there are pros and cons on each side of the buying fence.
While price is often the most important factor, it’s vital to understand the hidden costs that come with buying an established home, building a house or buying an apartment off the plan.
REA Group senior economist Anne Flaherty says the decision really depends on a purchaser’s personal circumstances.
“Whether it’s going to be more expensive to buy established or new, in large part, depends on a buyer’s goals,” she says.
“One of the advantages of buying new is that the buyer often has input into the finished home. In contrast, when buying established, it’s often the case buyers will want to change existing features, which of course comes at a cost.”
REA Group senior economist Anne Flaherty says the most important consideration between building and buying is the purchaser’s goals.
Anyone building or renovating should also consider rising industry costs.
“The consensus is, we’re not going to see construction costs fall. There was a period of very rapid rises during 2021 to 2023,” Ms Flaherty adds. “Although we’ve seen a slow down in the speed at which those construction costs were rising for most markets, it’s still continuing to grow.”
In the 12 months to September 2024, construction costs increased by 1.4% – a modest rise compared with the 17% they jumped in the year to June 2022. Since then, build periods have also increased.
“The time it takes to build is now at a record high. Across Australia, on average, it’s taking more than two years for a new apartment to be built, from commencement to completion, for town houses it’s sitting at just over one year and for houses it’s close to a year,” Ms Flaherty explains, citing recent Australian Bureau of Statistics figures.
686 NERIDA AVENUE, ALBURY
IS IT REALLY MORE EXPENSIVE TO BUILD YOUR OWN HOME?
Many purchasers, especially first-home buyers, are seduced by stamp duty exemptions and base prices, but they don’t always crunch all the numbers. Buyers need to careful they fully understand what is and isn’t offered by builders.
“You need to consider the costs during a build. Yes, it may be cheaper to buy land and build, but then you’ve got ongoing expenses like renting while you’re also paying the mortgage on the land and then progressively more throughout the construction phase. That is, unless you have the benefit of living with family rent-free,” she says.
“You need to weigh it up versus paying a higher upfront cost to get into an established property, but you’re in straight away.”
Ms Taylor said she often meets with buyers trying to assess the best path to homeownership.
“It’s our job to educate them about all the costs in each scenario. Do you have a financial buffer to cover ongoing costs, and is that buffer enough to cover blowouts? If the builder tells you it’s going to take eight months, but it takes 12, what financial position will you be in?”
“We’ll always talk to the client about looking out for what the builder doesn’t include. You need to quote everything in, otherwise you’re going to be that house with sheets in the windows with no garden or driveway,” Ms Taylor explains.
“The quote they give you might look amazing, but by the time you get to the gallery phase and you see what they’re offering, you might have to then pay another $20,000 or $30,000 just to get the quality finishes you want.”
Alternatively, a win for those buying a new property today is the chance to freeze time financially.
“If we’re to see interest rates come down next year, that could push property prices higher,” she explains. “So one advantage of buying off the plan now is locking in a price today, then you have a bit of extra time to save for settlement day - but you’ve paid yesterday’s price.”
Ultimately, the preference between new or old is personal, but if budget is a big factor it makes sense to do the sums to see what adds up in your favour.
245 SPLITTERS CREEK ROAD, SPLITTERS CREEK
TENANT OF THE MONTH
02 6046 9222
admin@creativeplasterers.com.au
Showroom - 869 Mate Street, North Albury
This month, we are proud to spotlight Creative Plastering & Building Supplies, a cornerstone in the Albury-Wodonga region’s construction scene. With over 15 years of industry expertise, founder Cody and his dedicated team have built a reputation for unparalleled service and quality products.
Located conveniently to serve local builders, renovators, and DIY enthusiasts, Creative Plastering & Building Supplies goes beyond just delivering toptier materials. Their delivery service, available from Monday to Friday, ensures that projects within a 100km radius receive prompt and reliable supply.
Cody’s vision extends beyond providing high-quality plastering and building supplies—it’s about fostering growth and trust in the community. Whether you’re a contractor looking for dependable materials or a homeowner embarking on a renovation, this tenant of the month stands ready to meet your needs with a commitment to excellence.
Visit Creative Plastering & Building Supplies for all your construction essentials, and discover a partner that not only supplies materials but supports the success of your projects from start to finish. With Cody and his team, you’re not just getting supplies— you’re joining a community dedicated to excellence.
DIRECTORS’ MESSAGE
Albury-Wodonga Market Update: Closing 2024 with Strong Growth and Optimism for 2025
As we close out the final quarter of 2024, the Albury-Wodonga real estate market continues to demonstrate resilience and steady growth, creating an encouraging outlook for the year ahead. Recent data shows that Albury’s median house price has reached $838,250, reflecting sustained buyer interest and confidence in the region’s potential. The rental market in Albury also remains robust, with median weekly rent returns now at $540, delivering attractive yields for investors. Meanwhile, Wodonga maintains a stable performance, with its median house price at $540,000 and median weekly rents holding firm at $465. This consistency highlights Wodonga’s enduring appeal for both renters and investors.
Looking to the future, the Albury-Wodonga region is poised for further growth in 2025, driven by a stable economic outlook and the potential for interest rate reductions, which should boost buyer activity. CoreLogic data emphasizes Albury’s strengthening rental market, signalling solid investment potential as demand for housing stays high. For those considering selling, 2025 presents a strategic opportunity, with rising property values and growing buyer interest across both Albury and Wodonga expected to make this an optimal time to list.
In all, Albury-Wodonga’s real estate market is on a positive trajectory, fuelled by stable growth, strong rental yields, and a favourable economic forecast. With this foundation, the region offers promising prospects for both buyers and sellers as we move into the new year, setting the stage for a dynamic and thriving market in 2025.
SOCIAL SNAPS
Our Marketing Manager Chantelle competed in Country Hope’s On Key For Kids and took out highest fundraiser, raising over $71,000!
The team gets ready to strike a pose. This years theme was “Matching Christmas Pyjamas.”
team took part in our annual
was a blast as always!
Congratulations! SOLD at Auction.
The
Christmas Photoshoot. It
Cheers! An industrial lot of land was SOLD in Thurgoona. Nick recently ran the Melbourne Marathon! Well done Nick!
