Welcome to our monthly Bellingen Shire Real Estate report for August 2020.
For the past month since our last report its been a bit more of the same, which in a year of constant change like we have never seen before, is nice! We still have historically low stock levels, high enquiries and rising prices for our local property market. On talking to prospective buyers that are actively hunting for a home in the market place, there is a sense of both urgency and frustration that comes with such a low selection of potential new homes for them to inspect. Another interesting point to note is that our Victorian enquiries, which generally make up a decent proportion of our property searches, have of course eased since their Stage 4 lockdown. However, both Sydney and local enquiries seem to have more than filled the hole left from our Southerners. The general sentiment we seem to be getting from people fortunate enough to be able to call this area home is they would rather live somewhere like here, than an area with a high population density, especially if they can work from home. I think we all would agree even living in lockdown here we feel lucky! It seems in the near future at least, that lockdowns, restrictions, outbreaks and COVID safe practices will be something we all have to accept and find a way to live with.
Like with any property market movement there is never a total unilateral benefit. On one hand, we have frustrated buyers, yet on the other hand, we have sellers that are making the most of the current ‘seller’s market’, allowing sellers to sell and make plans with ease plus remain confident the end sale result will leave them feeling quite positive on the price they achieved. One piece of advice we are giving our client sellers at the moment is on just how important quality marketing is in a market like this. It is as simple as the better-marketed properties will always perform better than poorly promoted ones. With more eyes on a listing, more enquiries and of course more inspections. Couple this with an expertly trained negotiator that deals with a lot of buyers and the odds are stacking in favour of the seller. Better to risk losing a few thousand in marketing and the difference between a good agent’s fees to a bad one initially, than potentially risk losing tens of thousands in an end sale result.
Looking outside my office onto the street, which to be honest is a pleasant view to have while I work, I notice even though we are in the midst of a worldwide pandemic we could be forgiven for thinking the world is at peace. Even though cautious, our residents and business owners are doing a wonderful job in being safe, positive and happy considering circumstances. I’m sure any visitors we get to the area envious of our lifestyle would be only drawn more to what we have here on seeing this. As stated in my previous article, it was expected that anyone looking to start their own small business in this climate would have to be, to put it bluntly, out of their mind. However once again in August, our enquiry for commercial rentals continued, and as it stands now our vacancy for commercial space has hedged even lower. Anyone will see on a quick lap up the main street that the amount of available shops for lease is low, which is an outstanding key indicator that a town and community is flourishing.
For anyone out there wishing me to ‘gaze into my crystal ball’, it does feel like for the short term things should pretty well continue on their current trajectory for our beautiful Shire. Interest rates are tipped to remain at historic lows for some time, giving buyers some confidence that there shouldn’t be too much change to their repayments. The COVID tracers will continue to do their best at putting out spot fires, and from all reports, government assistance such as JobKeeper will be extended to the businesses that genuinely require help. One important NSW Government initiative to note to any first home buyers out there are some outstanding incentives to build a new home. So if you are a prospective new homeowner, now looks to be a great time to buy that block and build your own! You can access more information on the revenue.nsw.gov.au website, or I’m sure your preferred professional real estate agent would be more than happy to help provide assistance and guide you through should you require.
Stay safe & be thankful for where you live. Should there be any real estate queries or assistance you may have, feel free to give one of our friendly helpful staff a call on 02 6655 1049.