Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Regional NSW house prices hold strong through pandemic
HOUSE PRICES in regional NSW are holding strong despite the impacts of the COVID-19 pandemic, according to the latest real estate industry reports. The Real Estate Market Facts quarterly report by the Real Estate Institute of Australia (REIA) has shown an impact on house prices since the outset of the pandemic, “but it has not been as dramatic as some have predicted”. “In the March edition I flagged that June quarter 2020 will reflect the impacts of the start of the COVID-19 pandemic on both the sales and rental markets,” REIA president Adrian Kelly said. “Whilst there has been an impact on prices it is relatively modest and has certainly not been the doomsday prophesies some commentators expected. “Nor has the impact been uniform across Australia with local market conditions varying, resulting in a range of outcomes.”
Mr Kelly said financial support from the federal government has helped to prop up the real estate market through the pandemic. “The market is holding up better than many expected with the government’s initiatives of JobKeeper and JobSeeker, as well as the banks’ loan deferrals playing their part in stabilising the situation,” he said. “With extensions to these having been announced we expect continued stability in the market.” CoreLogic’s Hedonic Home Value Index for August recorded a decline in property prices nationwide for the fourth month in a row, however regional NSW has not declined and has been steadily increasing over the past 12 months. During August, regional NSW property prices increased by 0.4%. Over the three months to August, prices increased by 1.2% and over the past year they increased by 5%. In contrast, Sydney house prices decreased 0.5% in August, and
Open homes Thursday, October 1 DJ Stringer
53/5-7 Soorley Street, Tweed Heads, 10.30am-11am 115/1 Harbour Drive, Tweed Heads, 10am-10:30am 14/21 Dixon Street, Coolangatta, 4.30pm-5pm
Friday, October 2
First National Murwillumbah
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Saturday, October 3
First National Murwillumbah
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by 2.1% over three months, however have increased by 9.8% over the past year. CoreLogic’s head of research Tim Lawless said there are several factors that are helping to support regional property markets. “Unlike their capital city counterparts, which usually receive 85% of net overseas migration, most regional markets have avoided the drop in demand caused by the pause in migration,” he said. “Regional markets may also been appealing for their relatively low density and lower price points. “The normalisation of remote work through the pandemic could make proximity to major cities less of a factor in home purchasing decisions.” Mr Lawless also indicated that a lack of new listings is helping to insulate property prices. “Through the COVID pandemic to-date, active listing numbers have remained extremely low, demonstrating both a lower than
An enviable lifestyle has kept property prices high in the Tweed.
average amount of fresh stock being added to the market, and a strong rate of absorption,” he said. “So far there has been no evidence of urgent or distressed listings starting to pile up. “This could potentially change, however, as fiscal support starts to taper at the end of September and distressed borrowers taking a repayment holiday reach their six-month check-in period around the same time.
69 Tweed Valley Way, South Murwillumbah, 12pm-12.30pm 17 Baker Street, Murwillumbah, 12pm-12.30pm 6 McMillan Street, South Murwillumbah, 1pm-1.30pm 1345 Tyalgum Road, Eungella, 1pm-1.30pm 89 Braeside Drive, Uki, 2.20pm-3pm
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DJ Stringer
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Schmith Estate Agents 497/955 Gold Coast Highway, Palm Beach Open, 1pm-1:30pm
Ray White Tweed Valley
Raine & Horne Ocean Shores/Brunswick Heads/ Murwillumbah 9 Banool Circuit, Ocean Shores, 9am-9.30am 38 William Street, Murwillumbah, 9am-9.30am 120 Balemo Drive, Ocean Shores, 9.30am-10.00am 1/4 Roundhouse Place, Ocean Shores, 10am-10.30am
“The timing of these two events could be the catalyst for a gradual rise in distressed listings which will be an important trend to monitor. “If we do see active listing numbers rising to be higher than previous years, it could signal that vendors will need to offer up greater discounts in order to sell their home.” Check out next week’s edition for a quarterly wrap-up of the Tweed’s real estate market.
194 Brays Creek Road, Tyalgum, 10am-10:30am 439 Tweed Valley Way, South Murwillumbah, 11am-11:30am 21 Braemar Place, Urliup, 12pm-12.30pm
Sunday, October 4 Schmith Estate Agents
Reflections Tower 1 804/120 Marine Parade, Coolangatta, 12pm-1pm
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Murwillumbah / Ocean Shores / Brunswick Heads phone. 02 6672 4477 freecall. 1800 547 848