Farewell 2019, Hello 2020
As each year winds down towards Christmas it is natural to reflect on the year that was and to think about what’s to come in the new year.
This is also true in real estate and both the sales and property management teams have taken the time to look back on the year that’s been and at what’s to come in 2020.
2019 has been a positive year for sales as the Orange property market showed good, consistent growth with increasing property prices. Buyer demand has been strong through the year and is expected to continue into the new year.
The Sales Team have consistently achieved great results for vendors and have worked hard to provide a positive experience for buyers. There have been some recent sales that have exceeded expectations in both price and time on market and these results are truly a credit to the team and their expertise. Some of the properties recently sold had offers accepted on them the day after they were listed, and the prices achieved were amazing.
64 Cecil Road was one such property having been inspected the day it was listed by Michael Wright and under offer the day after. The Vendors were ecstatic with the price achieved and the buyers, with competition from other buyers nipping at their heels, were so happy to find their perfect home they snapped it up as quickly as they could.
64 Cecil Road
There have been other properties recently sold with similar circumstances to these, perhaps not under offer quite so quickly but certainly within the first week of being listed for sale.
Even though things are slowing a little as the holiday period approaches, the Sales Team are looking towards the new year with a number of fresh listings being prepared to hit the market through January. Great news for buyers!
Even bearing in mind the ongoing drought and extreme water restrictions, it seems that Orange is well placed for further growth on the back of a strong local economy being driven by ongoing major development across the mining, manufacturing, transport, primary industry, education and health sectors.
Such development creates jobs and brings people to the region both short and long term making the market more competitive as it creates pressure on housing demand as those people look to buy or rent.
The tourism industry is poised to grow further with an ever increasing number of food and wine events, festivals and sporting events which will regularly bring visitors to the area to inject money into our local economy further cementing the need for good short term accommodation options.
Recently announced was the mine expansion which will see people relocating to Orange for 18 months to 2 years as they work on the expansion. This presents a great opportunity for investors to achieve good returns as demand will be high and rents will rise in line with demand. However, we believe that while it will significantly increase the market it won’t reach the same high levels as the boom in 2010 to 2014, it will be more moderate than during that period.
Even so, there will be more demand for good quality rental accommodation. The Property Management team has had another great year with the rental vacancy rate being consistently low, generally under 2%, over the course of the year and currently it is sitting at around 1.4%.
However, a spike in demand for more rentals will mean that we will need more rental stock to meet the higher level of demand. We would encourage any investors who have rental properties already or are looking to add to their portfolio or invest for the first time to talk with our team about our services and what we can provide for you.
Our office will close for a well-earned break on Friday, 20 December and will re-open on Thursday, 2 January with the team feeling refreshed and ready to launch into a new year. We are excited to see what 2020 will bring and look forward to sharing more real estate insights and information with you next year.
In the meantime, here is an agency summary for 2019 which we are proud to say is pretty awesome!
Click here: 2019 Peter Fisher Agency Performance Report
