Professionals Bathurst Market Update 23/11/2020
I don’t think any of us in the industry could’ve imagined how strong the market would be after being in lockdown only 6 months ago. To steal a quote from Marty Fox, one of the Block Auctioneers over the weekend, “If COVID has taught us one thing, it’s that never has the home been more valuable” and it’s so true. We’re spending more time at home than ever before and we’re seeing a lot of buyers in the market looking to upgrade their properties on the back of that.
This month at Professionals we’re on track to write about fourteen sales at an average sale price of $540,000. A fantastic result for our team and a testament to not only our hard work but a strong market. One of the key stats that you should know about those fourteen sales is five of them were off-market. These properties didn’t hit the major real estate portals, they were sold to hot buyers on our database. So if I was a buyer in the market today I’d be getting proactive, making sure my finances were watertight so I’m ready to jump, and I’d be staying in regular contact with my agent to ensure I’m getting first look at any new listings that would suit my needs.
The interest level from the metro market is at the highest I’ve seen in a long time. Never before have we seen such flexibility from employers to allow their staff to work from their homes, and we’re seeing Sydney residents retain their employment in the city and making the move out to Bathurst to rent or buy a property. In addition to that, we’re seeing a large volume of investors, in particular between $350,000 – $450,000 looking to get a footprint in the town. With near zero percent vacancy rates across Bathurst and strong media attention highlighting Bathurst as a growth area, you can’t blame them.
Looking forward into Christmas and New Year period, we are expecting to see a rush of buyers wanting to secure properties before Christmas. We do however expect that after about a week from now, we will start to see new listings slow down as vendors begin to hold off on listing their properties until mid to late January. This will lead to pressure in the buyer market until the new year.
It’s competitive out there guys, we’d love to hear from you if you need a hand finding the right property. We have a team dedicated specifically to helping buyers find the right property.
If you would like to discuss the market further please don’t hesitate to contact our team on 6332 2900.