01 Sep Goulburn Residential Market Update
Goulburn’s residential real estate market continues to go from strength to strength, with all sectors of the market producing healthy growth and yields. The rental returns remain strong in comparison to major cities and the vacancy rates have consistently remained below 3%. Median sale prices hover around the $385,000 mark, with rental returns in the 4-6% range depending on the style of the property and its location.
Massive amounts of new construction and development in Goulburn over the last 10-year period have stimulated the residential markets and given consistent growth each year of 10% or better. The growth corridor along Marys Mount Road has a consistent trade base toiling away to keep up with the ever-increasing demand. Other areas of Goulburn are now seeing development with new land releases in the West Goulburn area already sold and the Joseph’s Gate development of 112 lots on Taralga Road ear marked for release in late 2017, it looks like the supply part of the equation is taken care of. With demand at an all-time high, together with out of town interest in the form of tree changers wanting to get out of the rat race, all indicators point to more of the same growth trend.
First home buyers have made their presence known in the latter half of 2017 with the benefit of the stamp duty exemption. This extra stimulation has a flow on effect through all aspects of the residential market not just the lower price ranges. This means Mum’s and Dad’s selling in the lower price range will then step up into the next price bracket and so on. This activity is very reminiscent of a similar first home buyers boost from late 2008, which has been the start of a consistent growth period of almost 10 years in the area.
Goulburn’s character homes remain strong, with limited supply in and around the magic 3 to 4 block radius of the CBD. Prices have crept upwards consistently and this has always been the sturdiest sector of the Goulburn residential market, mainly due to limited supply. The scarcity and beauty of the double brick Victorian, Federation and Art Deco homes that adorn our streets is still a draw card for big city tree changers. The larger blocks that come with these grand old homes attract developers.
Some locals love the change and others have not embraced the change to higher density living. However, there is no denying the demand for modern accommodation in the form of well-appointed villas and small homes closer to the town centre is on the rise.
Contact Tom Antony & Paul Edwards at Antony & Edwards Real Estate for further enquiries regarding our residential market on 02 4826 9888 or visit www.antonyandedwards.com.au
Disclaimer: Market figures sourced from Core Logic RP Data are accurate at time of print.