Median price levels remain steady in NSW Mid North Coast: HTW residential
The Mid North Coast continues to ride out the COVID-19 pandemic well from both a residential property and a health perspective, according to the July Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
"From a property standpoint, median price levels have remained steady over the past few months while stock levels are down dramatically," the valuation firm said.
The reduction in stock levels is mainly due to potential vendors holding off listing until full confidence returns to the market.
Agents advise that appraisal numbers are high but are not yet flowing through to listings.
"The reduction in listings has meant that there are fewer properties for potential purchasers to choose from which we believe is one reason prices have held steady over this period. We anticipate that listing numbers will grow over the next few months as confidence returns and more investors re-enter the market.
"Some investors have been staying out of the market due to a lack of confidence and owner- occupiers are the mainstay at the moment, but with current interest rates so attractive, we believe investors will return as confidence returns," the valuation firm said.
"On the rental side we have seen a dramatic reduction in listings over the past few weeks as restrictions relax and interstate travel returns and many investors return their properties to short term accommodation stock, rather than retain them as longer term rentals," the valuation firm said.
This will see vacancy rates returning to more normal long term levels after steep increases during the lockdown period as the reverse was happening, the report noted.
"We believe that the market along the Mid North Coast should recover well after this COVID-19 induced slow down and perform well in the back half of this year as more city dwellers see the appeal of our beautiful slice of paradise."
A four bedroom house in Port Macquarie has recently been sold for $625,000.
The family house at 37 Kingston Town Loop (pictured below) offers gourmet kitchen, media room, open plan living and dining and alfresco entertaining.
Set on a 602sqm of block, the home also comes with double garage, raised garden beds and fruit trees.
A current listing is a new two bedroom home in Bonny Hills priced at $319,000.
The 29/90 Seafront Circuit home (pictured below) comprises open plan living, modern kitchen, and two carpeted bedrooms.
It is situated in just 200m from Rainbow Beach and a short walk to Bonny Hills Centre.
