It’s a curious thing to be reflecting on real estate market conditions on the North Coast after emerging from five weeks of lockdown smack bang into what is traditionally our busiest period. As usual, COVID continues to rewrite the rulebook, but there are plenty of signs that lead us to believe that the tsunami of demand for North Coast property is going to continue.
Why?
In July and immediately prior to lockdown, we experienced a noticeable growth in both demand and FOMO. The lockdown has simply put transactions on ice for a few weeks, and we confidently predict that there will be some catching up to do now that lockdown has lifted. Combine this with a Spring market and there’s potential for a double bounce.
While demand is strong, property supply is limited. And this means it is truly a sellers’ market. Every new listing is highly anticipated and hotly contested by an eager buyer group.
Right now, we have many buyers and underbidders who have narrowly missed out on recent sales and are poised and ready, keen not to miss out again.
People are continuing to relocate from the cities to our region and this pattern will likely continue until we achieve some sort of post covid milestone. And with its reputation as a playground for the rich and famous, we are also seeing people from outside the area purchasing second properties in our region, and this is helping to accelerate demand and squeeze supply.
The rolling hills of our hinterland region remains sought after for the cashed-up buyer seeking space and privacy.
The investment market has been gathering pace with investors adamant that price and demand are only going to continue to head north in our region. We certainly have a very strong rental demand at present, so people looking to enter the investment market have the reassurance of a healthy interest in their rental.
The owner occupier market has continued its strong growth as more people want to call the north coast home. We are also seeing quite a few first home buyers entering the property market, with a particular interest in units. And this is understandable with the entry price for a home in Ballina now around $700,000 and units providing the only affordable option for some.
Which purchasers do best in the current market? Those who are serious, have their finances fully approved, and are ready to jump. The early bird really does get the worm.
For anyone reading this newsletter who is toying with the idea of selling, consider reaching out to us. We can offer an obligation free appraisal of your property and explain the likely scenarios for a happy, healthy and stress-free sale. Sellers hold all the aces in the current market. It is simply one of the best times to be selling a home. Read more in my Spring 2021 newsletter . . .