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Ten areas are ripe for growth in New South Wales, including the area of Albury-Wodonga, according to a new report.
Hotspotting’s Terry Ryder has listed 10 suburbs set to see substantial growth from across the state - six of which are regional - in his August to November 2013 report.
The suburbs (including the areas of Albury-Wodonga, Blacktown, Dubbo, Goulburn, Hurstville, Liverpool-Cabramatta, north west NSW, Rouse Hill, Tamworth and Wagga Wagga) each have substantial future prospects on the back of drivers including infrastructure developments, proximity to mining boom towns and new employment being brought in.
Albury-Wodonga had recently been identified in Smart Property Investment's August issue by Property Success' Margaret Lomas. Visiting the areas with Ms Lomas showed the results were fairly sound. Albury’s Mayor Alice Glachan and Wodonga’s Mayor Mark Byatt were asked about the prospects for future growth.
“I felt a good feeling about both areas. I came away from [the mayoral interview in] Albury thinking I should invest there and then I came to Wodonga and thought ‘No, maybe I should invest here’,” Ms Lomas said.
While some might be under the impression that Albury and Wodonga work as one city, visiting them has revealed this may not be the case.
“Wodonga is probably the strongest choice ... but if we’re going just by proximity, Albury is in a pretty good position. Let’s face it, we’ve been here now and we know you can walk from Albury to Wodonga – parts of them are separated by a border,” she said. The different drivers and approaches to growth should benefit both areas, despite any differences in planning.
“Most likely, Wodonga will grow first. The only thing that I’m a little bit worried about is that they do have a lot of land available to be released,” said Ms Lomas.
Mr Ryder is positive about the areas. "Most of the Albury-Wodonga suburbs have recorded moderate growth in their median house prices in the past 12 months, underpinned by rising numbers of house sales. We expect more substantial growth in prices in the next 12 months," he said in the report.
"Generally, the theme for the twin cities is steady population growth, creating demand for new dwelling construction and expanded services."