I’m always reading about the Sydney property boom. What is the Port Macquarie market doing at the moment? Ben, Port Macquarie.
A. You are right, Ben: much of what is reported in the media relates to capital city markets, so I’m very happy to share what has been happening locally and what is likely to be experienced in coming months.
Demand for all properties in the Port Macquarie area remains strong, with the number of properties sold in the last three months (350) estimated to be 26% greater than the same period last year (source Residex).
Considering annual house sales numbers are up 10% and units up 18% (as reported by RP Data) then the momentum is particularly solid.
The median price for a house in Port Macquarie is now $425,000 which is an increase of approximately 5% over the previous year. While the percentage rise is less than cities like Sydney, the markets are distinctly different, so comparisons are not always relevant.
Investors are more than aware of the value and affordability offered by property in our area when comparing the Sydney median house $655,000 and capital cities aggregate $540,000.
The growth in local unit sales numbers has largely been in the mid price range favoured by downsizers, investors and self-managed superannuation fund buyers. With the median price for units now at $268,000, my tip is that this type of property could be the big mover over the next few months.
One aspect of the local market that hasn’t changed is lifestyle appeal. More and more people are keen to make Port Macquarie their home, and this is what underpins the consistent population growth. Partner this with significant investment in health and education, and the upward pressure on the demand for housing is likely to continue, which will also drive up purchase prices and weekly rents. Overall, it is a positive picture indeed.
Answers are general comment, and readers should always seek their own independent professional advice.
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Greg Trembath is Principal/Licensee at
Greg Trembath Real Estate.
Licensed Real Estate Agent – Licensed Auctioneer.