Albury: An attractive location for property investment?
Property investors looking for a residential real estate purchase in New South Wales, may be interested in Albury, after recent data revealed demand for housing in the town continues to increase.
According to the February Real Estate Institute of NSW (REINSW) Vacancy Rate Survey, the availability of rental properties in Albury contracted 0.4 per cent to 1.6 per cent.
The latest figures indicate that property in the region is highly sought after - a trend that could mean higher returns for investors with leased real estate.
"The vacancy rate has dropped because university has gone back and new students, as well as those returning for another year, have found accommodation," REINSW Albury division chair Greg Wood explained.
"Albury is showing all the right figures for an investor to consider a rental property. With low vacancy rates, low interest rates, reasonable returns of between five and seven per cent and affordable median prices, there are plenty of incentives," he added.
By comparison, rental property availability in the Riverina region lifted 0.8 per cent to 3.5 per cent during the same period, while rates fell 0.2 per cent to 3.6 per cent in the state's south-east.
The NSW capital saw vacancy levels drop 0.3 per cent to 1.9 per cent.