Welcome to Byron Property Search Market Watch.
Six months ago, I suggested we were probably experiencing a 6% median house price drop since the highs of late 2017. I’d say we’ve dropped another 6% since then, but gees the market’s turned.
In the last month or six weeks, we’re seeing a lot of activity, especially after the big sales in Sydney and Melbourne.
The Baby Boomer retirees are back with a vengeance. And the strongest sales in postcode 2481 have been in the three million dollars plus sector of the market.
We’re also seeing a lot of demand in the entry-level market – anything under $1million.
The reason for this is simple economics.
If you are paying off a mortgage at the current low-interest rates after putting down a 20% deposit on an $800,000 house, the maths are simple. In the current rental market, your repayments will be less than renting a similar house – assuming you can find one. And these low-interest rates will be around for some years to come.
I’m also seeing a lot of demand for people wanting to live the Byron dream: small acreage properties less than 20 minutes to Byron. Demand for these far outstrips supply, especially in the $1-1.5 million range. These are very hard to find and there seems to be a lot of people swimming in the shark pool looking for them.
If that’s your wish list, good luck. My advice is, ‘go early, go hard’. Or – and you’d expect me to say this – engage a buyer’s agent! I’d be happy to help you.
Talk to you soon and in 6 months’ time, I’ll bring you the next Byron Property Search Market Watch.