Port Macquarie market expected to show steady price growth in 2020: HTW residential
During 2019, we saw a sluggish start to the year due to various factors including a softening of investor demand in the residential market and uncertainty during the election run-up, according to the latest Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
"The May election with the reinstatement of the Liberal government, three interest rate cuts between June and October and the relaxing of some lending policies saw a steady increase in activity as the weather warmed up," the valuation film said.
This had the Mid North Coast property market heading into the festive season on somewhat of a high.
"With interest rates set to stay at historic lows or decrease further, natural population growth and out of town investors purchasing in the area, we believe that the way
we finished 2019 will be the way we start 2020, with continued steady price growth and an increasing number of sales for our area.
"We do note that approximately 60% of purchasers are from outside of the area," the valuation firm stated.
"We believe the best performer for the year ahead will be the established well located areas close to town, beaches and infrastructure.
"As we have seen for a number of years, some of the older areas are getting a face lift and younger families move into these areas and revitalise them."
The report suggests some of the fringe suburbs with large land releases might see more subdued growth as developers continue to release additional land, sales numbers plateau and prices remain stagnant.
A two bedroom apartment located within walking distance to Port Macquarie's CBD has been recently sold for $840,000.
The north facing apartment is situated at 402/5-7 Clarence Street (pictured below).
The home features open plan living, large kitchen, covered balcony and single lockup garage.
Another recent sale was a three bedroom family home located close to Port Macquarie's CBD and St Agnes School.
The home situated at 14 Kyogle Place (pictured below) was sold for $572,500.
It comprises three bedrooms, sizeable lounge, kitchen overlooking pool area and alfresco area.
