MARKET BOOM

DENILIQUIN’S PROPERTY MARKET IS ‘‘THE BEST IT’S EVER BEEN’’.

According to property analytics firm Corelogic from the last 12 months, house prices have risen an average 17.7 per cent in regional Australia alone. Deniliquin itself has seen a median sale price of $265,000 — an increase of 17.39 per cent — far outstripping the nation’s capitals, which saw a combined 12.4 per cent increase. Demand is also evidenced by how long a property spends on the market. In August 2021 it was an average of just 30 days, far below the state-average of 44 days that same month.

Local real estate agents say that a combination of government grants, COVID-19, and an increase in rural migration, are behind the recent surge in demand. ‘‘It’s the strongest the market has been in decades,’’ said Big River Real Estate principal Angela Carmichael. ‘‘What’s most exciting for us is that the market is being driven by local buyer groups; including first home buyers, first-time investors and people from regional and city centres who might be looking for a tree-change.’’ Approximately one third of Big River’s current enquiries are from residents of larger regional centres (such as Echuca and Wagga), or larger cities. The other two thirds are made up of local first home buyers, upsizers, and investors.

Mrs Carmichael said the fact that there is ‘‘no single factor or party’’ contributing to market growth means that the likelihood of a sudden downturn is unlikely. ‘‘In the past, all the spikes we have seen have come from short term things like government stimulus,’’ she said. ‘‘But in the past two years, when the market is as good as it’s ever been, there are so many factors and different buyer types involved that it’s unlikely any one factor could affect the current trend.’’

The strength of the housing market has also contributed to the local economy, according to Mrs Carmichael, offering a much needed boost to local industry as buyers and renters seek to make their space their own. ‘‘When COVID hit, demand just went nuts,’’ said Denbrok Constructions director Troy Denbrok. ‘‘We’re only just catching up (to demand). ‘‘At the moment we’re booked out about three months in advance, but earlier in the year we were booked as far ahead as 12 months.

‘‘Things have started to settle down at the moment, but the way things are looking demand’s probably going to increase again. ‘‘We’ve got enquiries coming in all the time.’’ Mr Denbrok added that there was strong demand from both residential and commercial interests.

‘‘I’d say it’s about 70/30 in favour of residential’’. The Federal Government’s HomeBuilder grant, introduced mid-2020 in response to the COVID-19 outbreak, provided one-off payments of $25,000 for new builds or renovations in excess of $150,000.

“What’s most exciting for us is that the market is being driven by local buyer groups; including first home buyers, firsttime investors and people from regional and city centres who might be looking for a tree-change.”

- ANGELA CARMICHAEL