Why didn’t we buy in Walla? How house prices have skyrocketed on the NSW, Victoria border
House values around the Border have grown to as much as almost 93 per cent over five years, a report has shown.
The CoreLogic report listed the southern NSW community of Walla Walla with the biggest change in value at 92.2 per cent.
The town has a median house value of $348,679 as of April, 2024.
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“We’re selling a fair bit out there at the moment and they’re moving a lot quicker than the properties in town,” he said.
“The prices are a lot different and we’re seeing buyers, especially first home buyers, move out to those areas because they’re more affordable.”
He said he has also seen an increase in demand for houses in Burrumbuttock and Culcairn.
Properties with land up to about 10 acres, including hobby farms, have been an appealing factor for buyers.
He said a lot of interest is also coming from out of town, from those looking for tree changes.
“There’s definitely a demand for that lifestyle at the moment, even property just on bigger blocks as well because they’re hard to come by now,” Mr Papallo said.
The real estate agent said many subdivisions are “getting smaller and smaller.”
Mr Papallo said the housing market has slightly slowed down, with more homes listed and a larger choice available for buyers compared to the last few years.
“And if they find it (larger lot sizes) closer to town, they are going to be paying a fair bit now,” Mr Papallo said.
The 2021 Census recorded 811 people living in Walla, while 56,093 people were recorded to live in Albury and 43,253 in Wodonga.
The CoreLogic’s report highlighted percentage changes in house values over 3 months, 12 months and 5 years.
The New South Wales Border region, which included Albury, West Albury, North Albury, East Albury, Lavington, Springdale Heights, Glenroy, Thurgoona, Culcairn, Jindera, Holbrook and Walla Walla, have a combined median house value of $579,024.
Over 3 months, there has been a 1.9 per cent change in house value, a 1.5 per cent change over 12 months and a 71.1 per cent change in 5 years.
The Victoria Border region - which included Wodonga, West Wodonga, Baranduda, Bright, Beechworth, Myrtleford and Killara - have a median house value of $603,911.
Over 3 months, there has been a negative 0.5 per cent change in house value, a 1.8 per cent change over 12 months and a 54.9 per cent change in 5 years.
Here are some houses currently on the market from areas that have seen a change in growth.
7 Jacob Wenke Drive, Walla
The brick house at 7 Jacob Wenke Drive in Walla, is listed for $459,000.
The three-bedroom, two-bathroom property last sold in September, 2020 for $258,000.
The selling agent is Virginia Scholz from Ray White Albury North.
17 Jacob Street, Burrumbuttock
On 17 Jacob Street in Burrumbuttock, the four-bedroom house is on the market for $567,000.
Also with two bathrooms and a double garage, the house was sold in June, 2020 for $385,000.
The selling agent is Matt Humphreys from Border Property Exchange.
80 Munro Street, Culcairn
The three-bedroom two-bathroom home at 80 Munro Street, Culcairn is listed for $459,000.
The property was sold just over a year ago in March, 2023 for $305,000.
The selling agent is Mark Beale from Ray White Albury North.
