While the Tura Beach and Merimbula real estate markets might not be booming like Sydney and Melbourne the region is certainly starting to feel the radiant heat from the hottest cities on the Australian real estate map. Locally we might not have the volume of buyers or the same frenzied auctions but there is a case to be made for price increases in the area.
Days on Market (DOM) is one of the leading real estate indicators for supply and demand, which are the price drivers in any economic equation. The DOM for Merimbula houses has dropped to 232. No matter where you are selling as the DOM gets shorter that typically coincides with rising prices. Longer selling times generally see less upward price pressure.
The knock on effect of buyers being priced out of their preferred locations has also seen a gentle trickle down into regional markets and upward push on prices. Retiree’s who are priced out of markets closer to Sydney or Melbourne and even Canberra are now looking for relative bargains further afield. Families and first time buyers unable to get onto the city property ladder are also looking for cheaper housing in the regions.
A heady combination of strong demand generated by new arrivals, infrastructure projects creating new employment opportunities and the drying up of cheaper investment/first home buyer properties is leading to a classic supply and demand imbalance. For buyers the message is clear, get in before prices go up.
What about sellers? Logic suggests that you might want to wait it out and see if you can get more for your home. But never forget that while your house is on the increase so is the price of your prospective new home. That means is you’ll have more to pay in surcharges, taxes and fees to make the move. The clear message is the same as that for buyers. List your property now.