Welcome to our monthly Real Estate Report for January 2021
A new year has hit and Real Estate-wise, off we go again. The property boom we experienced last year seems to have not even taken breath over the Christmas break and looks to continue into 2021. What a catalyst for change the pandemic has been for our property market.
As it stands, I am sure every Real Estate Agency across the Coffs Coast is saying the same thing, we need more properties to sell! It’s one of the unique aspects of our industry compared to a lot of other retail type industries, where during busy times business owners can order more stock to sell. Not so much in real estate. Agencies at the moment have the frustration of lists of great buyers and nothing to show them. It is like owning a butchery shop with no meat to sell! I am fortunate to have ridden a lot of property cycle waves throughout my 26 years in the industry in the Bellingen Shire. One minute we have more buyers than properties, and the next minute all the stock and no buyers. One thing for sure is it is unpredictable, look how many “experts” got this boom completely wrong. At the moment the question is not, “can I sell my property”, the question is, “how much can you get”. If you are looking to sell, just ensure you employ a professional agent who is a proven negotiator and excellent marketer. When it is all said and done it may make tens of thousands or even hundreds of thousands of dollars difference. So do your homework!
One thing relating to our industry locally that has just taken place was the Housing Matters Screening, where a passionate group of locals have combined to tackle the regional housing crisis relating to housing affordability in our region. The aim is to try to find ways to provide safe and affordable housing and address increased housing stress. A complex issue with numerous challenging factors, I am sure we all agree. It is great to see locals passionate about something they believe in, taking positive efforts and steps themselves to make a difference. Such action is uplifting, as opposed to people sitting around coffee shops complaining governments should do more. So well done to Kerry and the Housing Matters Team, we wish you all the best.
On a national level, CoreLogic’s latest report reveals home prices have reached record highs, and now surpassed pre-COVID levels. Continuing a trend we have seen throughout the pandemic, is regional housing values rose at more than twice the pace of the capital city markets. How long this will last, who knows. But for the short term, I am confident things will keep pushing on as they are.
One quick bit of advice I would like to touch on last that relates to property owners would be ‘weeds’. It is a question that seems to be becoming more frequent as time goes on, as environmental education improves. We all know that introduced species can wreak havoc on our natural environment, and cause a real upset in the balance of the ecosystem. In some instances, they can be as bad on the natural environment as deforestation. And now it is becoming a factor that affects a properties value as well. In short, if you have a property overrun by privet, camphor laurel, bamboo, or any other of these noxious pests expect people to pay a little less for your property. So do yourself a favour, and the environment, and roll up the sleeves. The valley as a whole will appreciate your work too.
My property backs onto National Park, and I have noticed more and more camphor laurel seedlings popping up in the Park that would be a direct result from major seed trees located elsewhere in the Valley. If you can, stick to regeneration using species that are endemic to our area. In the future, it really will be a major benefit for our residents and property values.
We look forward to what 2021 will bring, we wish everyone the best for the year.
Stay safe & be thankful for where you live. Should there be any real estate queries or assistance you may require, feel free to give one of our friendly helpful staff a call on 02 6655 1049.