Welcome to our SPRING 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 spring edition, we have a great article about selling in spring 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 second issue of Home-Grown as much as we have enjoyed putting it together for you. Here’s to a fantastic spring!
BUILDING INDUSTRY REBOUND
RECENT RESULTS
NEW LISTING LOCAL BUSINESS SPOTLIGHT
AI-DRIVEN DESIGN AND CONSTRUCTION
TENANT OF THE MONTH
DIRECTORS’ MESSAGE
SOCIAL SNAPS
PICTURED ON FRONT - 569 BONEGILLA STREET, ALBURY (CAPTURED SPACE)
596 JONES STREET, ALBURY
NAVIGATING THE SPRING AUCTION MARKET
Preparing Buyers and Sellers for Success.
Spring is a highly anticipated season in all real estate markets, and Albury-Wodonga is no exception. With warmer weather and a surge in buyer activity, many vendors see this as the ideal time to sell, making it one of the busiest periods for property transactions. Successfully navigating this market, whether you’re buying or selling, requires a well-planned and strategic approach.
Recent data shows a strong performance across the region, with increased activity and excellent results in recent months. This upward trend is especially visible in the auction space, where properties are consistently achieving strong results, underscoring the buoyancy of the local market.
Tips for Buyers:
• Thorough preparation is crucial
• Research market values and recent sales
• Secure pre-approval and set a firm budget
• Observe auctions to understand dynamics
• Be ready for swift decision-making
• Develop relationships with local agents for potential off-market opportunities
• Have a clear post-auction strategy, including a walkaway price for passed-in properties
Tips for Sellers:
• Capitalise on heightened spring demand
• Choose an experienced auctioneer with local presence
• Invest in professional staging, photography, and marketing
• Set a realistic reserve price to encourage bidding
• Consult with knowledgeable local agents for pricing strategy
As the spring selling season approaches, homeowners across Albury Wodonga are preparing to present their properties in the best possible light. With the market heating up, it’s important to make your home stand out from the crowd.
As the spring selling season gains momentum, investing in your home’s presentation can make a significant difference in attracting potential buyers and securing the best possible price. By focusing on these key areas - artwork, soft furnishings, decorative objects, lighting, and potentially professional styling - you can create a home that not only photographs beautifully for marketing campaigns but also leaves a lasting impression during open inspections.
596 JONES STREET, ALBURY
NAVIGATING THE SPRING AUCTION MARKET
Remember, the goal is to help potential buyers envision themselves living in the space. By implementing styling strategies, you’ll create an inviting home that speaks to buyers’ hearts as well as their minds.
The spring real estate market in Albury-Wodonga is set for increased momentum and intensity, and success will require more than just luck. Buyers must be informed and decisive, while sellers should focus on presentation and pricing strategies to stand out in this competitive environment.
To navigate this season effectively, contact the Stean Nicholls team to leverage their extensive market expertise and ensure success this season.
87 MOUNTFORD CRESCENT, EAST ALBURY
BUILDING INDUSTRY REBOUND
Opportunity for buyers and renovators.
The Australian residential construction industry is entering a new phase of stability after a period of unprecedented growth post-COVID. Recent data from CoreLogic’s Cordell Construction Cost Index (CCCI) reveals an encouraging direction: construction costs are now growing at their slowest annual rate in over two decades, pointing towards a positive recalibration of the industry.
In Q2 2024, the national CCCI, which measures the cost of building a typical new dwelling, recorded a modest 0.5% increase, following a 0.8% rise in Q1. This trend has culminated in an annual cost increase of just 2.6% for FY24, the smallest yearly rise since March 2002 and significantly below the pre-COVID decade average of 4.0%.
While construction costs remain elevated compared to pre-pandemic levels, the current stabilisation is a welcome development for both industry professionals and consumers. The gradual return to more normal growth margins is expected to improve builder profit margins and boost confidence in pricing for new builds and renovations. This could potentially stimulate activity in the sector and make new housing more accessible to a broader range of buyers.
The easing of cost increases is primarily attributed to reduced pricing volatility among construction materials. Key categories such as timbers and metal products, crucial for residential construction, have even seen price reductions. This pattern towards more predictable material costs allows for better project planning and budgeting, benefiting both builders and homeowners.
15 SPRINGVIEW DRIVE, WIRLINGA
Interestingly, construction costs are now increasing at a slower rate than inflation. The national Consumer Price Index (CPI) rose by 1.0% in the March quarter, exceeding the 0.8% rise in residential construction costs. With construction costs rising by just 0.5% in the June quarter, it’s likely that this growth will be well below the CPI when the index is released. This progression could have beneficial implications for housing affordability and overall economic stability.
The construction industry is showing signs of resilience and adjustment. While building approvals remain around decade lows, there was an encouraging 5.5% increase in May. This suggests that the sector may be on the cusp of a recovery, albeit a gradual one. The industry is working through a backlog of projects, which, once completed, could pave the way for increased new construction activity.
The stabilisation of construction costs presents opportunities for innovation and growth in the sector. It allows builders and developers to focus on improving efficiency and exploring new construction methods without the pressure of rapidly escalating costs. This could lead to more sustainable housing solutions in the long term.
For potential homebuyers and renovators, the current market conditions offer a window of opportunity. With costs stabilising and the industry adapting to new parameters, now may be an ideal time to consider new builds or renovation projects.
As the Australian construction sector navigates this period of adjustment, the outlook appears increasingly positive. The combination of stabilising costs, potential for increased building activity, and a more predictable economic environment sets the stage for sustainable growth in the industry. While challenges remain, the current developments suggest a brighter future for Australian residential construction, with benefits rippling out to the broader economy and housing market.
15 SPRINGVIEW DRIVE, WIRLINGA
RECENT RESULTS
RECENT RESULTS
NEW LISTING
1478 TABLE TOP ROAD, TABLE TOP
Riverina Podiatry Group & Sports Podiatry Centre employs a team of highly trained podiatrists who are regarded as specialist healthcare professionals.
We are dedicated to providing the most affordable treatments without sacrificing quality or attention in diagnosing and treating your foot and lower limb conditions.
Having looked after patient’s feet for over 30 years, you can be confident that our podiatry clinics provide exceptional healthcare services. We are also proud members of both the Australian Podiatry Association and Sports Medicine Australia.
Riverina Podiatry Group caters for services to sports injuries and age related pain.
For your convenience, we have podiatry clinics in central Albury and Lavington.
Clinic Locations - Gardens Medical Centre, Cnr Wodonga Place & Smollett Streets, Albury
The Doctors Lavington - 3/347 Wagga Road, Lavington NSW 2641
As artificial intelligence (AI) continues to revolutionise various industries, its impact on design and construction is particularly significant. AI-driven tools and technologies are transforming how architects and builders conceptualise, design, and execute projects. This article explores the current applications and future potential of AI in the architectural and construction sectors.
Enhanced Design Processes
AI is fundamentally altering the design process by enabling architects to explore a vast array of design possibilities quickly and efficiently. AI can generate multiple alternatives to traditional design methods based on specific parameters, such as site conditions, budget constraints, and aesthetic preferences. This capability allows architects to experiment with innovative ideas and optimise designs for functionality and sustainability.
For instance, generative design, an AI-driven approach, uses algorithms to produce numerous design options from a set of defined rules. Architects can then evaluate these options to select the most promising ones. This not only accelerates the design process but also leads to more creative and efficient solutions.
Precision and Efficiency in Construction
In construction, AI is improving precision and efficiency through various applications. One significant development is the use of AI-powered robotics and automation. Robots equipped with AI can perform repetitive and hazardous tasks, such as bricklaying, concrete pouring, and welding, with high accuracy and consistency. This reduces the risk of human error and enhances safety on construction sites.
Additionally, AI-driven construction management software is streamlining project planning and execution. These tools can analyse data from past projects to predict potential delays and cost overruns, allowing managers to make proactive adjustments. By optimising resource allocation and scheduling, AI helps ensure that projects are completed on time and within budget.
Predictive Maintenance and Smart Buildings
AI is also crucial in building maintenance and operation. Predictive maintenance systems use AI algorithms to analyse data from sensors embedded in building systems, such as HVAC, lighting, and plumbing. These systems can detect anomalies and predict when maintenance is needed, preventing costly breakdowns and extending the lifespan of building components.
569 BONEGILLA STREET, ALBURY
AI-DRIVEN DESIGN AND CONSTRUCTION
AI is also integral to the development of smart buildings, which leverage advanced technologies to enhance energy efficiency, security, and occupant comfort. AI systems can adjust lighting, temperature, and ventilation based on real-time occupancy data and weather conditions, optimising energy use and creating more comfortable living and working environments.
Sustainability and Environmental Impact
Sustainability is a critical consideration in modern architecture and construction, and AI is proving to be a valuable ally in this endeavour. AI-powered tools can analyse environmental data to assess the potential impact of construction projects and suggest eco-friendly design modifications. For example, AI can help architects optimise building orientation, window placement, and insulation to reduce energy consumption.
Additionally, AI can assist in sourcing sustainable materials and tracking their use throughout the construction process. This ensures that projects adhere to green building standards and certifications.
Challenges and Future Prospects
While AI integration in design and construction presents challenges like data privacy and insight accuracy, industry professionals and researchers are actively addressing these issues. As best practices evolve, the benefits of AI in enhancing efficiency, precision, and innovation are expected to outweigh the challenges.
Ongoing advancements in machine learning, robotics, and data analytics will likely lead to even more sophisticated AI applications. As the industry continues to embrace these technologies, we can expect to see more efficient, sustainable, and innovative building projects.
As AI algorithms advance, generative design holds immense potential to transform the industry, driving innovation and efficiency in creating smarter, more sustainable built environments. .
MW NEWS
569 BONEGILLA STREET, ALBURY
TENANT OF THE MONTH
Suite 20/669 Dean St, Albury
0478 232 081
Menulog - Bami House
Owners Lien Van Lao and Victor Quan have started the transition to Bami House in the Botanical building at the western end of Dean Street. The shop specialises in banh mi, Vietnamese baguettes made with meat, vegetables and homemade sauce.
Bami House offers the baguettes, which are baked fresh in store daily, with traditional crackled pork, pork sausage, chicken, lemongrass beef and tofu. Other items on the menu include vegetarian and chicken spring rolls, rice paper rolls, bao buns and mixed noodle salad bowls.
Mrs Lao, who has had experience in Chinese, Thai and Japanese restaurants, said the three key priorities for Bami House were to “always make the food fresh, make sure it is tasty and at a good price”.
Open Monday to Friday from 7am to 4pm, ready for you to savour the crunch, taste the tradition and enjoy authentic Vietnamese Banh Mi at Bami House!
DIRECTORS’ MESSAGE
As we step into the third quarter of 2024, the Albury-Wodonga real estate market continues to exhibit resilience and steady growth, despite ongoing economic uncertainties. The region remains a focal point for both buyers and investors, with distinct trends emerging over recent months.
The Albury market has seen a slight but steady increase, with the median house price now at $840,000—an increase of $2,500 over the last quarter. The rental market remains particularly robust, with median rent returns rising to $535 per week, further cementing the region’s appeal for both investors and first-time buyers.
Meanwhile, Wodonga has remained steady, with a median sales price of $540,000 and median rent returns of $465 per week. This stability highlights the continued demand for property in Wodonga, despite the slower pace of growth compared to Albury.
From an economic standpoint, there remains some speculation around future movements in interest rates. However, the general consensus is that rates will likely remain on hold for the time being, with a potential for reductions if inflation begins to stabilize. While financial uncertainty still exists, the real estate market continues to be buoyed by low housing supply and extended construction wait times.
These trends indicate that buyers, particularly first home buyers and investors, are still finding strong value in our region, while mid-range buyers navigate a more controlled pace of growth due to longer financing lead times.
As we move forward, Albury-Wodonga remains well-positioned for further growth, presenting continued opportunities for both buyers and investors. We anticipate a dynamic and optimistic second half of 2024.
SOCIAL SNAPS
Jess competed in her first ultra marathon running 5o kms! Congratulations Jess.
The Property Management team attended the PM Summit in Manly.
Congratulations! SOLD at Auction.
Stean Nicholls were the major sponsors for the Winter Wonderland Ball raising money for Country Hope.
