THE Port Macquarie buying market in quite resilient and robust, an economist says.
Domain Group chief economist Dr Andrew Wilson cited among the positives as the significant lifestyle market and good access to Sydney.
“Port Macquarie offers a remarkable combination of the estuary and the surf,” he said.
There is also a high level of infrastructure and the town has a modern feel, Dr Wilson said.
The Domain Group chief economist predicts the market here will grow by about five per cent in the 2016 to 2017 financial year.
The median house price is heading towards $500,000, he said.
The median sits at $460,000.
Dr Wilson predicts cashed-up Sydney discretionary buyers will continue to drive their way into lifestyle areas such as Port Macquarie.
“Port Macquarie and Byron Bay will remain head and shoulders above the rest in terms of that iconic lifestyle destination for Sydneysiders,” he said.
The future of remote workplace access is expected to feed into that trend.
He said there was no doubt it had been a quiet September quarter but the prospects were positive.
“There has been some consolidation following the strong prices growth of recent years,” Dr Wilson said.
The underlying drivers, such as the beach, estuary and housing mix, remain positive.
Port Macquarie had a quite a high vacancy rate, he said, which in the rental market could reflect the end of some infrastructure projects which attracted workers here, he said.
“Even though there has been some reasonable house building in recent years, the trend is for declining house building,” Dr Wilson said.
“That’s another factor that keeps demand ahead of supply in the longer term.”
Port Macquarie stood out, along with Byron Bay, as a significant lifestyle market, he said.
Dr Wilson said Port Macquarie attracted lifestyle seekers, retirees, empty nesters and holiday home buyers.
“The coastal markets north of Sydney are vibrant, depending on local factors of course,” he said.
Dr Wilson provided a regional market update for real estate agents at the Glasshouse on September 16.
Domain’s corporate sales manager and property expert Stuart Benson spoke about Domain’s social media products.
He said engagement was key in the social media space.
Mr Benson’s message to real estate agents was not to worry about their numbers of followers but to focus on how they engaged with their followers.