HOME-GROWN Autumn Edition 2024

IN THIS ISSUE

PREPARING YOUR PROPERTY FOR A 2024 SALE

Welcome to our AUTUMN 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 autumn edition, we have a great article about strategies for a successful auction day as well as a 2024 outlook on the Australian Real Estate Market. We also have our most recent results and social snaps. We hope you enjoy reading our twentieth issue of HomeGrown as much as we have enjoyed putting it together for you. Here’s to a fantastic autumn!

AUSTRALIAN PROPERTY MARKET UPDATE: 2024 OUTLOOK

RECENT RESULTS

NEW LISTING

LOCAL BUSINESS SPOTLIGHT

STRATEGIES FOR A SUCCESSFUL AUCTION DAY

TENANT OF THE MONTH DIRECTORS’ MESSAGE

SOCIAL SNAPS

PICTURED ON FRONT - 232 BEECHWORTH ROAD, WODONGA (CAPTURED SPACE)

23 CHAMPIONS DRIVE, GLENROY

PREPARING YOUR PROPERTY FOR A 2024 SALE

Preparing your property for sale is a process that begins well before listing it on the market. Selling your home is not just about putting a ‘For Sale’ sign up; it’s about strategic preparation to ensure you receive the best possible return on your investment. Here is a comprehensive guide to getting your property sale-ready this year.

Step 1: Obtain a current appraisal

The first step in preparing your property for sale is getting an appraisal. This will provide you with an accurate gauge of your home’s current market value. An appraisal is a vital tool in setting a realistic price, understanding your local market, and determining any improvements that could enhance your property’s value.

725 JONES STREET, ALBURY

Step 2: Minor repairs and renovations

Once you have an appraisal, the next step is to look at your property through the eyes of potential buyers. Minor repairs and renovations can make a significant difference in how your property is perceived. Addressing issues like chipped paint, leaking taps, or creaky doors/floorboards can greatly improve the overall appeal of your home.

Consider updating areas that have the most impact on buyers, such as kitchens and bathrooms. These don’t need to be extensive remodels; even small updates like new cabinet hardware, modern light fixtures, or a fresh coat of paint can transform these spaces.

Step 3: Declutter and depersonalise

A cluttered house can make spaces look smaller and less appealing. Decluttering is a simple yet effective way to make your home more presentable. This includes removing personal items like family photos and mementos, which helps potential buyers envision themselves in the space.

Step 4: Professional staging

Professional staging is a powerful tool in real estate. It involves arranging furniture and decor to showcase your home’s best features. Property stylists understand how to create inviting atmospheres that appeal to a broad range of buyers. Stean Nicholls can connect you with professional staging services to ensure your property is presented in its most attractive and marketable state.

725 JONES STREET, ALBURY

PREPARING YOUR PROPERTY FOR A 2024 SALE

First impressions count, and the exterior of your home is the first (and last) thing potential buyers will see. Simple landscaping, such as pruning, mulching, and planting flowers or evergreen trees, can significantly boost kerb appeal. Ensure your home’s exterior is clean and well-maintained, from the driveway to the front door.

Partner with the right agent

An experienced agent can guide you through the entire process, from appraisal to closing. They can provide valuable advice on market trends, optimal strategies, effective marketing approaches, and negotiation techniques to help you secure the best possible deal for your property.

High-quality photos are essential for attracting buyers, especially in digital listings. Professional photographers know how to capture your home in the best light, highlighting its key features. Investing in quality professional photography can make a substantial difference in how your property is perceived online.

Stean Nicholls’ team of specialist agents is committed to helping you achieve the best outcome for your 2024 property sale, with minimal stress.

Preparing your property for sale is a journey, and taking these steps will ensure your home stands out in the 2024 market. With the right preparation and support, you can look forward to a successful sale.

Reach out to the Stean Nicholls team today to request an appraisal.

Step 5: Landscaping and kerb appeal

Step 6: Professional photography

725 JONES STREET, ALBURY

AUSTRALIAN PROPERTY MARKET UPDATE: 2024 OUTLOOK

Key points

• Dwelling prices grew by around 7 per cent in 2023.

• Throughout Australia in 2023, performance was mixed across housing markets.

• A more modest rise in Australian house prices is expected in 2024.

• Melbourne and Perth are expected to be the best -performing regions for the Australian housing market in 2024.

House price growth was surprisingly strong in 2023

House prices across Australia bounced back in 2023, much to the surprise of most analysts. The annual growth (of around 7 per cent) was near the longterm average.

The rise was broadly the same across houses and units. This followed a couple of years when standalone houses strongly outperformed units in 2020 and 2021, before under performing in 2022.

House price performance was more mixed across disaggregated market segments. Growth was strong across the Queensland, South and Western Australian housing markets.

Dwelling prices grew robustly in Sydney, less so in regional New South Wales. The increase in Melbourne prices was modest, and negligible in regional Victoria. The Tasmanian, Northern Territory, and Canberra markets were soft.

What does this mean for the Australian property market?

In the short term, there can be big differences in price performance between different housing regions. The problem though is picking the time of these moves. Most economists thought that house prices would decline in 2023. Instead they rose by 7 per cent.

Over long-term horizons (greater than 10 years), differences in price performance between regions has historically been more modest. In some circumstances differences can emerge if there are longer-term structural changes taking place, like the affordability differences between city and regional LGAs in Melbourne, for example.

Forecast for house prices for 2024 and for 2025

Average house price growth is likely to be lower Australia-wide in 2024 than it was in 2023. Household disposable income growth will be constrained for much of this year. Partly this will reflect further weakening of the jobs market. And I am not forecasting interest rate reductions until the end of this year.

The lack of new supply puts a floor as to how far house price growth can slow (at least without substantial changes in interest rates or the unemployment rate). If interest rate cuts take place earlier (and are more aggressive) than I currently anticipate, then house price growth will be stronger. Stronger house price growth is likely in 2025 as interest rates are reduced and the economic outlook improves.

I expect that biggest rise in standalone house prices in 2024 will be in Melbourne and Perth, the two cities that I think currently provide best value (such as comparing rental yields with the level of long-term interest rates).

Melbourne price performance last year was modest by capital city standards. The Perth market is only now recovering from the fallout from the end of the mining boom. Perth housing prices will also be supported by constrained new housing supply, as well as WA having the second lowest state unemployment rate.

The Sydney housing looks the most expensive and so is likely to under perform. Adelaide and Brisbane prices have moved substantially over the past couple of years, and I would expect price movements in those two cities to be more in line with the national average this year. The Hobart, Canberra and Darwin markets have been soft over the past couple of years. I look for those three markets to do relatively better in 2024, although I think that another year of below average growth is likely.

385 BUCKINGHAM STREET, NORTH ALBURY

RECENT RESULTS

RECENT RESULTS

NEW LISTING

We love fresh, nutritious food. Our amazing core menu is the perfect combination of healthymeets-tasty. Want to try something outside our core menu? No worries! You can create your own bowl using our five easy steps. No matter your dietary requirements, we’ve got you covered! With plenty of gluten free, dairy free, nut free, vegetarian and vegan options, everyone can enjoy what we have to offer. We believe fresh is best so all of our food is prepared on site. From the poached chicken, to the cured salmon, the chilli bean mix to our house made guacamole. Fulfilling our desire to create a true healthy , convenient takeaway, all of our bowls are made in front of you, in the moment you order so it is handed to you as fresh as possible. We love what we have created and after opening our first store in Bright in 2020, we have generated a large following of like-minded people who love our product and what we stand for. The love for our product has grown so much that we opened our second store in Albury in 2023.We look forward to sharing a bowl with you soon.

ALBURY - Myer Centrepoint

BRIGHT - 78 Gavan Street

cleanbowled.com.au

@cleanbowled.bright

@clean_bowled_albury

STRATEGIES FOR A SUCCESSFUL AUCTION DAY

STRATEGIES FOR A SUCCESSFUL

AUCTION DAY

Venturing into the real estate market as either a buyer or seller often culminates in the dynamic experience of engaging in an auction or observing your own property being put under the hammer.

With the capacity to significantly alter the futures of both buyers and sellers, often amplified by the auctioneer’s presentation, auctions naturally stir a blend of excitement, expectation, and apprehension for all involved.

Depending on the specific property and its location, auctions can serve as the most effective sales method, providing an accurate reflection of the prevailing market conditions.

For the best possible outcomes, it’s crucial for both buyers and sellers to come to the auction wellprepared, organised, and confident.

222 FLETCHER STREET, EAST ALBURY

STRATEGIES FOR A SUCCESSFUL AUCTION DAY

For Buyers:

• Familiarize yourself with the auction process by attending various auctions to observe different auctioneering styles and bidder interactions.

• Inspect your chosen property thoroughly, opting for a building and pest inspection if you’re serious about purchasing.

• Introduce yourself to the auctioneer on the day, ensuring you’re in a position to have your bids noticed.

• Dressing confidently can enhance your selfassurance, and having friends or family for support can provide additional encouragement.

• Having your finances pre-approved ensures you’re ready to bid with confidence and act immediately if successful.

• For personalized advice on whether an auction is the right strategy for your property or for assistance in buying at auction, don’t hesitate to reach out to a member of the Stean Nicholls team. They are ready to guide you through every step of the auction process, ensuring a smooth and successful experience.

For Sellers:

• Choose your auction date with care, ensuring a clear four-week lead-up free of school and public holidays to maximise visibility.

• Decluttering and enhancing your property’s appeal through professional staging can significantly impact its attractiveness to potential buyers.

• Investing in your property’s presentation, such as landscaping, painting, and interior styling, can lead to substantial returns on auction day.

• High-quality marketing materials, including professional photography and videography, are essential, especially drone imagery for buyers viewing from a distance.

• Ensure the advertised price range accurately reflects your expectations and the market’s reality, as the auction offers a unique opportunity for sale.

If you need guidance on whether an auction is suitable for your property, or if you require advice on purchasing at an auction, don’t hesitate to contact a Stean Nicholls team member today.

222 FLETCHER STREET, EAST ALBURY

TENANT OF THE MONTH

289 Townsend Street, South Albury, NSW, Australia, 2640

P: (02) 6021 1112

E: admin@thethirstydevil.com.au

W: thethirstydevil.com.au

OPEN: Wed/Thurs: 4pm-late

Fri/Sat/Sun: 12pm-late

Albury’s own hidden secret.

Located in South Albury, The Thirsty Devil Brewery was built with the love for all things beer!

Behind the beer taps are four local guys sharing their love of all things beer and local produce.

At The Thirsty Devil you can expect a relaxing vibe. Whether you’re looking for a place to catch up with some mates (bring your furry friend along)* or a venue for your next function, we’ve got you covered. We have seasonal live music and guest food vans during the warmer months which you can keep up to date with via our socials.

2 Beer Gardens, a 14 tap bar with all beers brewed on site in our Brewery. Large Function room and mobile food van all on site.

Although the beer is our main draw card, we also have a great range of in house produced spirits, a range of local wines, and ciders to keep everybody’s tastes satisfied - not to mention our mouth watering cocktail list.

DIRECTORS’ MESSAGE

As we reflect on the first quarter of 2024, the Albury real estate market continues to exhibit resilience and growth despite prevailing challenges. The period from January to March has seen notable developments and trends shaping the local housing landscape.

According to data sourced from realestate.com.au, the median house price in Albury has surged to $838,000, marking an impressive 8.1% increase compared to the same period twelve months ago. This upward trajectory underscores the ongoing attractiveness and investment potential of properties in the region.

Similarly, the median rent has shown steady growth, reaching $490 per week, reflecting a 2.1% increase over the past year. The consistent rise in rental prices emphasises the robust demand for accommodation in Albury.

The rental market remains buoyant, with strong demand driving a scarcity of available properties. Currently, only three Stean Nicholls properties are vacant, translating to a minuscule vacancy rate of less than 0.5%. This tight rental market underscores the challenges faced by renters in securing suitable accommodation, while also presenting opportunities for landlords.

Despite concerns about the cost of living, particularly in the face of rising property prices, there is a noticeable trend of individuals and families turning their attention towards the established housing market. The high cost of building coupled with lengthy wait times has redirected focus towards quality properties already available in the market.

Albury continues to attract residents seeking a better work-life balance and enhanced lifestyle amenities. The allure of regional living, with its lower cost of living, access to excellent healthcare facilities, and a wide array of leisure activities, is enticing individuals and families to relocate from metropolitan areas.

In conclusion, the first quarter of 2024 has showcased the strength and resilience of the Albury real estate market. With soaring property prices, a thriving rental market, and a growing influx of residents seeking a higher quality of life, the outlook remains positive for continued growth and development in the region.

SOCIAL SNAPS

The Stean Nicholls Team had a great time in the Hume Bank City2City Run/Walk.

Bane loves his new Stean Nicholls cap!

Heather was spoiled this Valentine’s Day by her husband Pete.

Mikaela, Emily and Jenna going to distance in the Hume Bank City2City Run/Walk.

Mabel and Josh also love their new Stean Nicholls caps!

Who wore it best?