Prices surge in NSW township
The small regional town of Junee has seen market activity take off in the last year.
According to research by PRDnationwide, prices for houses and vacant land in Junee have risen by 14 per cent since March 2013.
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PRDnationwide research analyst Augustine Conteh said the town is attracting new residential developments, a trend which is likely to continue.
“The house market in Junee is showing an upward trend in price growth and market share in the first quarter of 2014, and in the absence of any upset in the local economy, I'm anticipating that sustainable residential development will continue,” he said.
He identified affordability as the area’s primary growth driver.
“Junee is becoming an area of significant interest for buyers and investors searching for an affordable entry into the rural New South Wales property market,” he said.
According to RP Data, the median house price in the town is $183,000.
In addition, Mr Conteh believes access to employment and educational facilities in nearby Wagga Wagga, including Charles Sturt University, may also be boosting the town’s appeal.
Junee has a population of around 4,400 people and lies within half an hour’s drive to Wagga Wagga.
RP Data shows 112 house sales took place in Junee in May 2014.
Median 12 month growth is reported at two per cent while 10 year average annual growth is 6.8 per cent.
The rental yield in the town is robust, sitting at 7.1 per cent, RP Data reports.
