Market Update - March 2023

This year is certainly moving quickly and no doubt we are all looking forward to the Easter break. Please join Michael Wright for our latest monthly update on what’s happening at Peter Fisher and in the Orange real estate market.

Here is what Michael has to say:

Hi, I’m Michael from Peter Fisher Real Estate with the month of March update.

I’m going to start the update today speaking about vacant land that’s ready to build on. There are still not many ready to build on straight away, but for those that are, you’ll find most of them here at Peter Fisher.

The past two years have seen a sharp increase in the cost of building materials, with many builders reluctant to enter into fixed price contracts. The good news is, because the supply costs have leveled out, many builders are starting to look at fixed price contracts again.

If you’re interested in a block that’s ready to build on, some available at Peter Fisher are 59 Stevenson Way, 22 Kanzi Close, 2B McArdle Street in Molong, 60 Orchard Grove Road, and multiple blocks in the Canobolas Views Estate, plus nine acres on Stagecoach Road, and heaps more depending on what you’re looking for.

These blocks range in size and location, so there’s something for everyone. See our website for all the land available at Peter Fisher. There are also some off market opportunities with plenty of available house plans that come with rental appraisals and cost to build.

Pleasingly, Peter Fisher continues to perform well in Orange, despite the rise in interest rates we saw earlier this month. Interest rates and the uncertainty surrounding them remain the biggest variable player in the market.

We’ve seen a decrease of investors at the open homes, but happily have seen an increase in the owner occupiers, with prices leveling out, giving him the opportunity to make offers and get in after two years of being priced out.

Properties are still selling with days on market going back to a more traditional market of four to six weeks before offer and acceptance. This month, Peter Fisher has already had 12 properties go under offer, with two going to auction, one selling on the day, and the other selling very shortly after through private negotiation.

Finally, if you’re thinking about selling your property, winter can be a really good time to do it. Some people like to wait until spring, meaning there’s often less houses available in winter, resulting in less competition for what’s on the market. Presentation is key in a market that has had an increase in competition, so we recommend you seriously consider those cosmetic touches like paint and carpet, property styling, as well as a good declutter and thorough cleaning before putting it out for viewing.

At Peter Fisher, we’re always here to offer practical advice about your property. So, if you’re thinking of selling, or buying a beautiful home such as this, at 6 Parnoo Place in Westlea, then give our team a call today.

We hope you’ve enjoyed our market update and found it informative.

If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.

We would love to hear from you!