WANGARATTA housing development land sales – spurred by confidence shown in the city by the country’s chain store conglomerates – remain buoyant among what a leading city agent describes as “a real mix – first home buyers, retirees, second and third home buyers”.
Rural City of Wangaratta is reporting a sharp increase in the value of building permits and another leading agent says that the established residential market is at its strongest for 10 years.
Insite Real Estate principal Angelo Pomponio told the Chronicle late last week that keen interest in the city’s prospects from developers and investors was continuing to drive sales at new estates on the urban fringe, particularly in western and southern areas.
Investors in the rental housing market were also achieving returns of upwards of six per cent – better than the best bank deposit rates at 4.55 per cent on sums of up to $250,000.
“We sold a property for $185,000 in the west end and that’s let for $275 per week – that’s a return of more than 7.5 per cent (gross),” Mr Pomponio said.
“There are consistent returns in this (urban) market of 6.5 per cent.”