Welcome to our monthly real estate report for July 2020. As agents, it is one of the most frequent queries we handle on a daily basis, and even more so as of late due to the unprecedented events in relation to the COVID-19 pandemic. It’s always interesting for us to see the thoughts and opinions forecast from our ‘property experts’, and the facts on the ground on what is actually occurring in the real estate sector in our area.
I think one thing that has surprised a lot of these property pundits is the strength and resilience of our local market. For us, we have seen strong buyer enquiry, and in a time where markets were tipped to fall up to 30% by some experts we haven’t seen a drop, but an actual increase in both prices and demand. Looking at available listings in general, agents are experiencing a lack of available stock, with high enquiries often leading to more than 1 buyer competing for a property. Another very interesting point to note is enquiry price-wise is high across the board, whether it’s $200k or $2m. I guess it’s not hard to see why outsiders, especially from bigger regional centres and cities, look to our beautiful area with its low population density, well catered for facilities and its pristine environment. I know where I would rather live today!
Residential rentals continue on their strong path, with very low vacancy rates and high demand for homes in general.
One other factor important to note, and one that will come as a surprise to many, is the strength of the Bellingen commercial market. In the past month, 3 of our commercial premises for lease have been let, showing small business and commercial tenants are also confident in our boutique town. Driving through Bellingen today you will notice high occupancy rates for commercial premises and very few vacancies, which in today’s times really is an extraordinary outcome for our town.
At the moment, in relation to COVID-19, it appears as though the situation will remain quite fluid for the foreseeable future, as we await the impacts of changes to government stimulus packages and future outbreaks as they occur. However, in my opinion, there has never been a better time to call this beautiful area home.
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.