ALBURY-WODONGA NSW-VIC border

Transcription

1 8 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au ALBURY-WODONGA NSW-VIC border HIGHLIGHTS 2 nd largest inland city in NSW Steady population growth Highly strategic location Strong diverse economy: Plans for new town of 35,000 Manufacturing, agriculture, Affordable real estate tourism, education, defence, 1 billion in developments medical services. Suburb - houses Typical prices Suburb - houses Typical prices Suburb - units Typical prices Lavington 245,000 Wodonga 280,000 Lavington 153,000 North Albury 221,000 West Wodonga 289,000 Wodonga 199,000 Springdale Hts 235,000 Thurgoona 335,000 W Wodonga 190,000 TheAlbury+Wodonga region has been dubbed The Murray Food Bowl but, unusuallyforanaustralianinlandcity,itisnotdependentonagriculturefor thehealthofitseconomy. The twin cities have strong sectors in manufacturing, construction, government administration, education, defence and retail. Many national businesses,aswellastheaustraliantaxationoffice,arebasedthere. Alburyisagrowthcentreservingaregionthatisrichincrops,cattle,wine and history. Wodonga, once considered the poor cousin to Albury, is growingstronglyandisavenuefornewdevelopment. Albury+Wodonga appeals as one of Australia s strongest regional economies, with great diversity and the presence of numerous national and international businesses, attracted by its strategic locationandgoodrailandroadlinks. Salesactivityhasincreasedrecently,pointingtopricegrowthinthenearfuture. Location 325kmnorth+eastofMelbourne,350kmfromCanberra AtthecentreoftheMelbourne Sydney Canberratriangle OntheVictoriaandNewSouthWalesborder LGAs:AlburyCityCouncilandWodongaCityCouncil.

2 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au 9 Economy and Amenities AlthoughAlbury+Wodongainmanyways operates as one community, it has separatecouncilsandstategovernment services. However, the fact that Melbourne is significantly closer than Sydney, and Victorian TV broadcasts in the region, gives Albury close links to Victoria,despitebeinginsouthernNSW. POPULATION & DEMOGRAPHICS: Population: 83,000 (2011 Census) Population: 93,000 (2014 estimate) Projected population 2031: 123,500 Services a regional population of 170,000 Source: ABS State differences in the workings of stamp duty, payroll tax and workers' compensation schemes causefrustration+andtradespeopleneedduallicences. Albury+Wodonga is one of Australia s largest regional centres and has a diverse economy. Major enterprises include manufacturing, retail, transport,businessservicesandagriculture. Residential & Commercial Construction: 320 million - Construction million - Construction 2013 The diversity and the strength of multiple economic sectors give solidity to the Albury+Wodonga economy. Insteadofhavingpeaksandtroughs,wetendtohavewaves, saysalburycity'sdirector ofeconomicdevelopmenttraceysquire. The Border Mail reported in June 2014 that Wodonga' has' the' highest' median' weekly' household' income' in' regional' Victoria' (estimated' at' 1,075).' It' said' total' retail' spending' for' Wodonga s' catchment(area(was(projected(to(increase(from(587million%in%2013%to%990million&by&2026. Transport Albury+Wodonga is well situated to service other regions, with extensive transport infrastructure radiatingoutwardsbyroad,railandair. AIRPORT: FAST FACTS Third busiest airport in Regional NSW. 250,000 passengers per year. 180 flights per week. Sydney: 90 minutes. Melbourne: 45 minutes. Byroad,Albury+Wodongaisthreehoursfromboth Melbourne and Canberra, and six hours from Sydney via the Hume Highway. By rail, Albury+ WodongaisonthemainraillinebetweenSydneyandMelbourneforpassengerandfreighttrains. WeeklyrailservicesfromAlburytoBrisbanemove100,000tonnesoffreightannuallyfromthree major locally+based manufacturers: Mountain H20, Norske Skog and Mars Petcare. The hub also operatesafreightserviceforimportandexportproductsbetweenalburyandmelbourne. Thisconnectivityisamajorreasonwhysomanynationalenterpriseshaveamajorpresenceinthe region. They include Bunnings(two big warehouses), Overall Forge(major supplier to the mining industry), Norske Skog (produces 40% of the nation s newsprint), Bradken Industrial, Visy Board (papermanufacturers)andvisyfood,marspetcare,kimberley+clark(healthandhygieneproducts soldin80countries)andtheato(whichemploysaround800peopleinalbury+wodonga).

3 10 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au The city also has several major trucking businesses, including Border Express, Twin City Truck Centre and the Albury Freight Distribution Centre. Blacklocks Ford announced in June 2013 an expansionwitha4milliontruckcentreunderconstruction. Quest Apartments, which services demand from business travellers,nowhasthreeservicedapartmentcomplexesin Albury+Wodonga. Recently+completed commercial premises include a 50 million HQ for the Australian Tax Office in Albury; a 10 million, three+storey Bethany office building in the CBD; and North Point Tower, a 10 million, five+storey commercialdevelopmentinlavington. Education Theregionhas32pre+schools,50primaryschools(38public,12private),24secondaryschools(16 public,eightprivate),acommunityeducationcentreforadultlearning,twotafecampusesanda campusoftheunswruralclinicalschoolofmedicinenexttothealburybasehospital. CharlesSturtUniversity(CSU)relocatedtoapurpose+builtcampusatThurgoonain2009.CSUhas 3,500studentsenrolledandrecentlycompleteda27millionexpansion.LaTrobeUniversityalso hasanalbury+wodongacampus. HealthandMedicalFacilities TheBorder slargestemployerisalburywodongahealth,with1,140staffandanannualbudgetof 180million. TheAlburyBaseHospitalisthecity slargestemployerandthealburywodongaprivatehospital, owned and operated by Ramsay Health Care, is regarded as one of the best private hospitals in ruralaustralia. TourismandLeisure Over 1 million day+trippers visited Albury+Wodonga in 2014, injecting 751 million into the local economy. They enjoyed sights such as Wodonga s Sumsion Gardens, the 1887 Albury Botanic Gardens, Noreuil Park on the banks of the Murray River, the Wonga Wetlands, Mungabareena ReserveandtheBogongMothFestival.KeyrecreationalfeaturesincludeLakeHume,theMurray Riverandskifields(abouttwohours drivefromalbury+wodonga). ThereisalsotheWodongaAquaticVenueandExerciseSpacewhichoffersa50metrepool,water slide,playareaandpavilion.itwascompletedin2013atacostof9million. Albury Albury'seconomyisdominatedbymanufacturing,construction,businessandpropertyservicesand retail.this diversity makes for consistent business conditions. Albury serves as an administrative centre for the agricultural sector and is home of the Norske Skog newsprint paper mill which processesthepinelogsplantedinthemountainstotheeast.

4 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au 11 The Australian Taxation Office, the Commercial Club Albury, Hume Building Society, Apex Tool Group, Geofabrics Australasia, Joss Group and Zauner Construction are major employers in the region.theaustralianpizzachaineagleboyswasfoundedinalbury. Wodonga Historically Wodonga was regarded as the smaller, less prosperous cousin to Albury (once commonly referred to as 'Struggle Town'). While still smaller than Albury, economic growth has softenedsuchdistinctions. OneprojectpavingthewayforeconomicprosperityisLogicWodonga,amajorlogisticsdistribution hubwhichhousesavarietyofbusinesses: 1. The90millionWoolworthsRegionalDistributionCentreatLogicemploys400peopleand turnsover2billionofstockeveryyear. 2. BorderExpress,whichdistributesfreightnationwide,hasa5millionwarehouseatLogic. 3. WodongaTAFEhasacampusatLogic.Itrecentlyunderwenta12millionexpansion. 4. A16millionServiceCentre,FatigueManagementCentreandTrailerInterchangeopened atlogicinaugust,2014,creating80jobsintheprocess. CopeSensitiveFreight,amajortransporterofmedicalandelectronicsgoods,hasaplanningpermit approvedforan8,000m²warehouseatlogic.accordingtothebordermailindecember2014,sct Logisticsalsoproposestospend30milliononestablishingsitesatWodongaandAltona. OthermajorindustriesbasedinWodongaincludealargecattlemarket,apetfoodfactory(Mars Corporation,whichhasitnationalcorporateHQhere),acardboardboxfactory(Visy),anabattoir andafoundry. Wodongaalsoservesasacentralpointforthedeliveryofgovernmentservicestotheregion.One exampleisthe9millionnortheastwaterregionalofficewodongaprojectwhichwascompleted in2013.around600contractorsworkedontheproject. WodongaisthesiteofLatchfordBarracks,anAustralianArmylogisticsbaseandatrainingcentre forarmyapprentices.itishasalatrobeuniversitycampusandwodongainstituteoftafe. The Bandiana Army Museum, located just out of Wodonga, is oneof the largest and most diversifiedarmymuseumsinaustralia. AnotherattractionistheWodongaArtCommunityEntertainmentCentre,calledTheCube,which canaccommodateupto1,000peopleforfunctionsandshows.itwascompletedin2012atacost of12million. ThereisextensivenewpropertydevelopmentonformerarmylandintheWodongaarea,including residentialestatesandretailwarehouses. The region includes Lake Hume Dam (completed in 1936, when it was the largest dam in the SouthernHemisphere).

5 12 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au Property Profile Albury+Wodonga presents as a city with affordable property options. Median house prices are generally in the 200,000s, exceptfortheareaswithnewhousingestates.(muchofthenew housinghappensonthewodongasideoftheborder.) Residentialapprovals 2012X X X699 Rental yields hover around 6%, with four suburbs producing medianrentalyieldsof6%orhigher,accordingtoaustralianpropertymonitors data.thesuburbof Alburyisanexceptionwithamedianrentalyieldof4.6%. During 2014 and early 2015, therewasgrowthinthenumber of house sales, leading to good price rises in some suburbs, including Albury (13%), South Albury (12%) and Springdale Heights(16%). Vacancies:AlburyWodonga Postcode Suburbs Vacancyrate 2640 Albury North,South,West;&Thurgoona 4.0% 2641 Lavington,SpringdaleHeights 3.1% 3690 Wodonga 1.7% 3691 Baranduda 2.0% Source:(sqmresearch.com.au( Thereisconsiderablenewdevelopmentintheregion,withnumerousresidentialestatesinvarious stagesofdevelopment.supply,however,appearstobeinconcertwithdemand. TheAlburyXWodongapropertymarketcanbesummarisedasfollows:X Houses No.ofsales Medianprice 12mthgrowth Growthaverage Yields Albury ,000 13% 2% 4.6% Baranduda ,000 +1% 2% 5.6% Lavington ,000 3% 2% 6.3% NorthAlbury ,000 8% 2% 6.7% SouthAlbury ,000 12% 3% 5.8% SpringdaleHts ,000 16% 4% 6.6% Thurgoona ,000 2% 4% 5.8% WestAlbury ,000 +4% 0% 6.2% WestWodonga ,000 7% 2% 5.8% Wodonga ,000 0% 3% 5.9% Source: APM growth average is the average annual growth in median house prices over the past 10 years snr : statistically not reliable Units No.ofsales Medianprice 12mthgrowth Growthaverage Yields Albury ,000 8% 4% 5.4% Lavington ,000 10% 2% 6.6% Wodonga ,000 8% 2% 6.1% WstWodonga ,000 snr 1% 6.1% Source:APM growthaverage istheaverageannualgrowthinmedianhousepricesoverthepast10years snr :statisticallynotreliable.

6 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au 13 Future Prospects Severallargescaleprojectsbeganin2014,givingAlbury+ Wodonga a construction boom. Construction employs about2,300peopleinalbury+wodonga+andthefigure isexpectedtoriseinthenextfewyears. CORE INFLUENCES: Urban Renewal, Transport Infrastructure, Boom Towns. Among& the& projects& in# the# pipeline# are! the Albury+ Wodonga' Regional' Cancer' Centre,' an' ambulance' station' in' Lavington,' student' accommodation' at' Charles(Sturt(University,(multiple(industrial(warehouses(and(several(sub+divisions. Albury' Mayor' Kevin' Mack' said' there' had' been' a' significant' rise' in' new' homes' being& built& in& the& growth' areas' of' Thurgoona,' Hamilton' Valley' and' Springdale' Heights.' Another' residential' area' is' planned'for'the'felltimber'master+planned'community'precinct'which'was'approved'by'the'council' in#february#2014. XBaranduda&Leneva An#urban!growth'zone'allowing'for'14,000!homes&to&house&35,000!people%in%Leneva%and%Baranduda% was announced by Wodonga Council in August The proposal requires amendments to the Wodonga'Planning'Scheme'and'approval'from'the'State'Government.' Theurbangrowthzonecovers500ha#of#land#zoned#as#farming#and#a#rural#living#zone#of#about#94ha. It#is#expected#to#take#12+18!months'to'plan'and'ultimately'will'create'6,000!jobs.& Planners from RPS consulting said as many as nine new primary schools and five new secondary schoolswouldbeneededtocopewithgrowthintheregion.theypredictedaneedforthreenew shoppingandbusinessprecincts,andatleastonenewsportsground,pluswalkingtrails,bikepaths andparks. X!Military Bandiana s(military(warehouses werehandedovertolinfoxinjune2014aspartofa416million& seven+year%contract%with%the%defence%department.%linfox%will%handle%warehousing%and%distribution% while& Transfield& will& take& over& vehicle& repair& and& maintenance& facilities& in& a& 240million& contract' over%six%years%from%july%2013. Construction* of* a* military* warehouse* at* Bandiana* is* under* way* with* funding* for* the* 65million& project(confirmed(in(the(2014!federal'budget.'it'is'being'built'at'wadsworth'barracks'opposite'the' Bandiana&saleyards&and!is#part#of#a#753million&defence&logistics&transformation&program.

7 14 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au XWodongaCBD Wodonga scbdwillbedividedintofiveprecinctsandundergoamajorupgrade.therevampwill introduceanurbansquare,cafes,shops,hotel,residentialdevelopmentswhiletherailwaystation hasbeenheritagelisted. The plan would create a commercial heart for Wodonga, connecting the northandsouthofthecity.partofthe CBD makeover is the 26 million FAST FACTS: One of the largest inland population centres in Australia. Fastest growing regional city in Victoria. Junction Place development, an urban renewal project which will see historic buildings restored. Oncecomplete,JunctionPlaceisexpectedtoprovide350millionofadditionaleconomicactivity and1,300jobs. X!Rail%transport There!is!talk!of!a!114billion!high+speed!rail!system!linking!Brisbane,!Sydney!and!Melbourne.!The! head!of!the!australasian!railway!association!has!indicated!a!70!million!station!in!albury+wodonga! is!included!in!the!project. If#the#Wodonga#Council#has#its#way,#a#rail#terminal#will#also#be#built#at#theLogicindustrialhubto service'the'freightneedsoflogic stenants,whichincludewoolworths.reportsindicatethecouncil is#in#advanced#discussions#with#the#victorian#government#over#the#idea. X!Agriculture A study by Victoria University suggests agriculture and manufacturing in north+east Victoria will boom by Modeling in the report indicates the Ovens+Murray food bowl will benefit from Chinesedemand,whichinturnwilldrivethemanufacturingindustry. XNBN Albury+Wodongacanexpectaround24,000NBNconnectionsinlate2016.SuburbsincludeAlbury central,westalbury,eastalbury,southalburywodongaandmountbeauty. RecommendedLocations Often the best outcomes for investors are provided by locations which the locals regard as downmarketorotherwiseundesirable.lavingtonisonesuchareainalbury+wodonga,oneofthe cheapestsuburbs,withmanyold+styleflats.itoffersattractiveaffordabilityandhighrentalreturns. Typicalhousesarearound245,000andunits153,000,withrentalyieldsabove6%.

8 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au 15 ProjectsexpectedtoimpactontheAlburyXWodongaeconomyinclude:X COMMERCIALDEVELOPMENTSXGENERAL Project Value Status Impact Upgrade,Mulwala explosivesfactory FederalGovt 386million Productionofshells andbulletsforthe DefenceDept. Underconstruction. MannCentral ShoppingCentre, Wodonga MannWodonga 65million Anchortenantswillbe KmartandColes,with 40specialtyshops. Approved. ApprovedinFeb2014. Start:early2015. Finish:May2016. Jobs: 200construction; 1,000operational. NovotelHotel, SmollettSt,Albury AccorGroup 30Million 4.5starhotel,120 rooms. Underconstruction. Expectedtoopenin2016. Jobs: 200construction; 30operational. CommercialClub retirementvillage, Albury TBA 50#apartments#to#be# built&on&1ha&currently& occupied'by'the'club s' motel. Proposed. Rezoningisrequired beforethedacan proceed. CitygateHoliday Park,Lavington Ingenia'Group 15million 120homesfor seniors. Proposed. Modifiedplanswerere+ presentedtocouncilin July2014. NexusIndustrial Hub&DaveyRd interchange upgrade AlburyCouncil 15million (8mil Nexus;7mil DaveyRd) Approved. Fundingtobesourced. Jobs: 1,000. TransportDepot, Ettamogah(Next tonexusindustrial Hub) PeterCremer 3.7million Proposed. DAlodgedMay2015.

9 16 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au RESOURCESSECTOR Project Value Status Impact Unicornmining exploration, Corryong DartMining TBA Explorationofcopper andmolybdenum (usedtomanufacture steel). Proposed. Undergoingapre+ feasibilitystudyand seekingfinanceinnov RESIDENTIALDEVELOPMENTS Project Value Status Impact MurravaleEstate, Tangambalanga TBA 300allotments. Approved. ApprovedbytheCouncil inoctober2014. WhiteBoxRise devt AbacusGroup TBA 1,100residentiallots, atowncentre,school, supermarket. Underconstruction. ElmwoodEstate, BeechwoodRoad, Wodonga BrendonCollins TBA 130medium+density houses,medical centre,pharmacy, café. Underconstruction. RiverviewHeights RiverviewTce, Albury TBA 13townhouses. Proposed. DrawingsrevealedinJune Stargazer residentialestate Thurgoona 20million 68residentiallots. Approved. LavingtonNew HousingEstate Localbusiness consortium 30million 69homes. Proposed. BoughtfromAlbury+ WodongaCorpinMarch 2012.HabitatPlanning hassubmittedplansto thecouncil. GlenwoodEstate, Baranduda QODProperty Group TBA Stage2,305lotson 90ha. Proposed. Plansupforpublic viewinginjuly2014.

10 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au 17 INFRASTRUCTURE HEALTHANDMEDICALFACILITIES Project Value Status Impact AlburyXWodonga CancerCentre AlburyWodonga Health 70million Radiotherapyunits, oncology,pharmacy, 30+bedinpatient ward. Underconstruction. HansenYunckenisthe appointedbuilder. INFRASTRUCTURE SPORTANDENTERTAINMENT Project Value Status Impact AlburyArtGallery upgrade BarandudaFields sportsprecinct, Baranduda WodongaCouncil WodongaCinema JunctionPlace PlacesVictoria WodongaGolf Clubdevelopment 11million Increasedgallery space,café. 20million Footballstadium, athleticstrack,cricket ovals,soccerfields. INFRASTRUCTUREXEDUCATION 110million Majorcinema complexona10ha site. TBA Motel,functioncentre andresidential. Underconstruction. Dueforcompletionin Proposed. Stage1:10.4mil. Stage2:9.5mil.Council wasseekingfundingin June2015. Proposed. PlacesVictoriaseeking expressionsofinterest fromcinemadevelopers. Proposed. Economicbenefit: 28miland80,000 visitorsannually. Project Value Status Impact Expansion,Trinity Collegecampus, Thurgoona 7million Newbuildingtocater forrisingenrolments andreplaceportables. Proposed. DAlodgedwithAlbury CouncilOctober2014.

11 18 TOP5REGIONALVICTORIAHOTSPOTS CopyrightHotspotting.com.au INFRASTRUCTURE TRANSPORT Project Value Status Impact AlburyAirport upgrade 5.4million Upgradeofapronand taxiway. Underconstruction. Upgrade,Riverina Hwy,eastof Albury StateGovt UpgradetoHume Dam,15meastof AlburyXWodonga 11million Upgrade5.7kmof highwayin2stages. 60million Approved. StateGovernmentgave 5milforStage1.Work expectedtobeginin Underconstruction. Stages1and2complete. Stage3tobecompleted latein2015. Jobs: 40contractors.