Over the past few months, we’ve learned to navigate a whole new series of challenges to almost every facet of our lives. Given that the majority of us own or rent our home, one area that has gained the interest of many is the real estate market.
When lockdown first descended on us and the restrictions imposed on inspections and auctions caused a slight hiccup, we wondered if the market would stall, or worse – collapse. Consequently, many prospective vendors chose to hold off listing. But no, we learned how to navigate our new dynamic and the market ticked along steadily. Before long it became obvious that properties across the Hunter/Mid-North Coast were securing interest from Sydneysiders lamenting their urban lockdown on small suburban blocks or high-rise apartments with tiny balconies. Factor in the once taboo ‘work from home’, now not only warmly embraced, but a directive by employers everywhere and urbanites sensed their dream rural/coastal lifestyle could be viable.
What I witnessed during this period was a ringing endorsement of the wonderful lifestyle our gorgeous region has to offer. Enquiries for residential, rural lifestyle and investment properties quickly turned into confirmed sales. Paradoxically, as Australia slipped into recession, our property market boomed! And now, as Victoria battles the dreaded ‘second wave’, R & R finds itself in an interesting situation where enquiries from urban dwellers have skyrocketed to unprecedented levels as the thought of further lockdowns in this pandemic, or the thought of future pandemics and corresponding lockdowns propels a rethink of the once coveted city lifestyle. Even more exciting is that buyer interest is strong across all R & R Property areas – Stroud, Gloucester, Forster, Bulahdelah and Port Stephens (Raymond Terrace).
So where does this leave us? Well, we’re currently experiencing a supply and demand issue. We have a wealth of buyers and with properties selling so quickly, a lack of listings. My message to cautious prospective vendors is to be bold and list. The market is strong across all sectors and buyers coming from the city are well aware of the value – the ‘more bang for your buck’ factor – that regional property offers. Many are finding it possible to give themselves a mortgage-free lifestyle, others a vastly reduced mortgage and a less financially strained lifestyle. And vendors are thrilled at the results. Everyone’s a winner.
If you’re thinking of selling, I invite you to contact one of our offices, chat with our professional sales representatives, all local to their communities and with a wealth of knowledge in local market trends, and arrange a no-cost, obligation-free market appraisal. You may be pleasantly surprised at your property’s current value. Covid-19 has brought many challenges, but it has also brought many silver linings and the Hunter/Mid-North Coast property market is reaping the benefits.
