If you are thinking about entering the property market on the Mid North Coast, now would be the time to do so, according to the latest figures in the Domain Property Market report.
Port Macquarie’s housing prices are continuing to increase despite national regional prices easing, and after a steady year, David Evans from HEM Property, Port Macquarie, said that the market, though increasing, had stabilised, allowing for more people to buy.
“We are noticing the rate of growth increasing, and the reason for that is more people are moving to town,” Mr Evans said.
The diversifying nature of Port Macquarie is strengthening the property market in town, and Mr Evans said that is a credit to the facilities on offer.
“We don’t just have retirees in the market, but lots of families and first home buyers, with investors also still getting a great return on their investments,” he said.
“Sales are still up on a year ago, and at the moment we have ten percent more houses for sale than we did in January.”
“We are entering a time of slight change but for the most part we are sheltered from the Sydney market with more and more looking to Port and the great things we offer.
“The location, and the facilities in town for the retired and for families mean that those working in Sydney can escape the rat race and can now live in Port and work from home.”
Michelle Percival from Percival Property, Port Macquarie said she too sees a steady increase in housing demand.
“The market is a spring market right now, it is extremely strong and we are experiencing a great demand for high quality properties especially with beach and canal views,” Mrs Percival said.
“We are also seeing a large number of people moving from Sydney, and Port Macquarie is now a lifestyle destination, people don’t have to live here, they want to live here, and with our great schools and scenery it is easy to see why,” she said.
Domain Chief Economist, Dr Andrew Wilson, said that while house prices in regional Australia had eased in the September quarter, Port Macquarie and Coffs Harbour were notable exceptions, bucking the trend.
“There have been some big movements in regional Australian property this quarter, with local economic strength continuing to impact price growth and deliver mixed results across the nation,” Dr Wilson said.
The Port Macquarie housing market continued with strong results for sellers, with the median house price $520,000 up by 11.8 percent or $55,000, with Dr Wilson attributing that to the town’s location.
“Port Macquarie has long been an appealing location for investors and buyers alike. Another strong quarter, in line with a healthy year, makes this market a promising prospect for the remainder of the year,” he said.
When compared to the Great Lakes region, where house prices fell 4.6 percent over the September quarter, Port Macquarie sits in line with Coffs Harbour and Clarence Valley, where prices rose steadily.
Despite house prices in Newcastle falling by 2.5 percent this quarter, the market remains strong growing 13.3 percent over the year, with the median house price at $540,000.