Market Update - August 2021

Michael says:

Hi, I’m Michael from Peter Fisher with a current market update.

The sales market continues to stay very, very strong. A lot of our properties are selling within the first seven days. To give you an example, we saw one at 298 Peisley Street, we had an open house, 15 people through, after that, we had offers from buyers, starting at two offers at 410, one at 412,500, one at 440 and one at 451, which was a FaceTime tour. So that just shows you how important it is to get as many people as you can through and give them access to create that competition.

The rental market also continues to stay very strong. I don’t think there’s too much upward pressure there. It is still very strong, but there is certainly a wide range of prices being paid for a variety of properties right around Orange.

Vacant land is another area of the market that is staying particularly strong. If you were to have bought an average block of land up in North Orange back in 2015, you would have paid about probably 140, 150K for the average block. But that same block now, you would be paying 380 to about probably 400 K for that block.

If you would’ve bought a half-acre block 2017, you would have paid probably somewhere around about 250K. That same block now would be closer to 480, maybe 500K. So again, very hard for people trying to get into the market and upgrade it as well.

The NAB has forecasted an increase of 20% rise in property values in Sydney. I think that’s going to push more people into regional areas from both an investment point of view and wanting somewhere to live where they’ve got a bit of space. I think that’s going to be great news for Orange.

When the lockdown finishes, hopefully not too far away, last time that happened we had a lot of pent-up, I guess, momentum from people that have been wanting to get into the regional market one way, shape or form. I think that’s probably going to happen again. Talking to other people in different industries, such as accommodation, they experienced quite a sharp rise in people wanting to get out and experience country life. So, I think that obviously when they do that, they get a taste of the Bush, that’s going to transfer into a pretty strong sales growth for Orange as well.

Thanks for your time, really appreciate it. Stay well, stay warm, take care.

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