Real estate: it’s a buyer’s market

“We are still seeing capital to regional migration, though it’s not at the level it was in the pandemic it would still be considered quite high, and higher than the average of the last decade,” economics executive manager Angus Moore said.

“Relative affordability, with a gap of about $300,000 between city and country prices, was the key driver behind the change, as were bigger home sizes, and greater tolerance for remote work.”

Real estate agent Brian O’Shea has worked in the local industry for 25 years and said while Albury Wodonga might be seeing the city buyers, the smaller towns without access to services were not.

He said some “crazy big sales” in the Rutherglen area, upwards of a million dollars and on larger lots, influenced the average price over the past year.

“Once people got over Covid, we aren’t seeing those buyers anymore,” Mr O’Shea said.

“It is absolutely a buyer’s market right now; there’s no doubt about that.

“Money is tight; the cost of living is knocking people’s budget around.”

Mr O’Shea said the Corowa market was doing it tough as well, with some houses listed at 10 per cent more than market value.

“Rutherglen has always been $50,000 - $100,000 dearer than Corowa,” he said.

“Any good property investment should be well-priced, in a good location, with reliable services connected, a northeast aspect, some growth potential and be attractive to future purchasers.”

Bright also made the top 10 with a 17 per cent rise in median house price, now $1.1 million.