The property market became reinvigorated in 2013. Low interest rates, foreign buyers, investor momentum and residential upgrades contributed to a flurry of buyer enthusiasm.
Cameron Kusher, RP Data analyst believes momentum in property will continue this year, propelled by investors and upgraders. He is predicting that values in Sydney and Melbourne will continue to climb and gross rental yields will decline. As a result, he believes investors will look for alternative growth zones. The South Coast has recorded modest growth in house values during 2013 and there is strong expectation along the coast that the Sydney property boom will travel southwards.
House values have increased in Eurobodalla (4.4 per cent), Shoalhaven (2.6 per cent) and Bega Valley (0.7 per cent). Mr. Kusher said that generally speaking the market in the south coast region had started to see low levels of value growth – predominately in houses. He noted that the time on the market had fallen with an increase in sales volumes, which could lead to more growth. “The fact that listings are also lower than last year is reflective of properties selling quicker but also a greater level of competition in the market which is potentially conducive to further value growth,” Mr Kusher said.
Looking to the Far south Coast Robert Schadel of Fisk & Nagle Merimbula and Tura Beach offices said “We had a fantastic increase in sales during December. The momentum from December appears to be carrying through into January. With stocks lower, due to the high level of sales in December, and this current high demand, we are keen to list houses. If sales continue at the same pace values will increase marginally, I would say similar to the level of growth last year. There is very strong enquiry at present from tourists in the area, the flow on from that enquiry is expected to lead to an increase in sales during the Autumn period”.
Fisk & Nagle offices in the Far South Coast came 4th in sales amongst 127 Agencies in the Pittard Group (a marketing and training Group of which they are members) Australia-wide during December. Robert was 7th out of 800 Sales Consultants, with Denis Stewart and Michael Sturgess of the Bega office coming 14th and 15th respectively.