Professionals Bathurst Market Update – 25/05/2021
What a first five months it’s been in 2021. Had you told us all 12 months ago in the height of the COVID 19 pandemic that the market was going to be as competitive as it is now, I would’ve laughed you out of the room and told you you were crazy!
Something you’ll be hearing from a lot of people in the industry is how low the stock levels are. It truly is the lowest I have seen in my 14 years in real estate. I’ll put it into some context for you. In a normal balanced market typically we would see anywhere from 450 – 500 properties advertised for sale in the Bathurst region, currently, there are 180. So that’s around 65% less property on the market than there was 12-18months ago.
Accompany low stock levels with the influx of buyers which include out-of-town investors, first homeowners and people moving to the town and you have a ridiculously crazy market. A great example of this is a property we recently sold in West Bathurst, we listed it for $490,000 – $520,000, for our first available inspection time our amazing buyer’s agents Brad and Leeanna organised 22 buyers to view the property. That resulted in 6 offers, and 2 contracts being issued both for prices above the top end of the range. Bananas!
So for sellers it’s an amazing opportunity to cash out on a great market. For buyers, it’s bloody tough. The competition is higher than we’ve ever seen and it can be really difficult to secure a property. It’s equally as hard for people looking to do a trade in the current market, I have a number of sellers who would go to market now, however are concerned that they may not be able to find a property for them to buy, both locally and out of town.
One thing I would say is there are a lot of off-market deals getting done at the moment, so there may be some more options available for you than first appear on the surface. It’s important you know that at Professionals we’re yet to have anyone homeless, so give us a call if you’re thinking of selling but don’t quite know the best way to go about it, we’d love to catch up and help you through the process.
Call us on 02 6332 2900 to speak to one of our expert sales team today!