THE property boom in the Nambucca Valley is showing no signs of slowing, according to local real estate agents, who cite an undersupply of rentals and a rise in remote working as key contributing factors.

LJ Hooker Nambucca Heads real estate agent Troy Vance said it’s currently a “seller’s market”, presenting an opportunity for prospective vendors to get a “a very good price” for their property.

“This is the best market we’ve seen in 20 years,” he said, adding that stock is moving quickly.

“Two years ago, properties could be on the market for six months, now they’re on for days.

“Sometimes we list a property and sell it that day or that week.”

Pamela Pearse, licensee at Roberts Nambucca Real Estate, said it’s a great time for homeowners wanting to sell and urged prospective buyers to get in touch with local real estate agents proactively, so they can be contacted as soon as something becomes available.

“Stock is at an all-time low.

“Our office has been operating for 50 years.

“Never have we seen the market like it is,” she said.

“Buyers are walking in with pre-approved finance, ready to buy in a hot market and have the ability to action a purchase faster than ever before.”

Vance pointed to an undersupply of rental properties in the area as “the biggest factor” behind the current boom, noting that for those who’re able to raise a deposit, “sometimes it becomes more affordable to buy than to rent”.

Both agents said people relocating to the area from cities was another significant contributor to the property boom.

“A lot of people are selling in Sydney and getting out of there,” Vance said, noting that people selling properties for much higher prices in the city are making offers far above advertised prices as they’re “happy to spend an extra $50,000 to $100,000 to secure a property here”.

However, it’s not just people from the cities choosing to move to the Nambucca Valley.

“We’re getting a lot of enquiries from people from Byron Bay who don’t like the changes happening there.
“They’re loving it down here,” Vance said.

Pearse said “buyers are moving from all over” now that working from home is “allowing people the freedom to live in their dream location”, adding that the influx of new arrivals is bringing positive changes to the area.

“We are not the sleepy little hollow anymore.

“The dynamics have changed, we have a mixture of ages and we are no longer known for retirees.

“Nambucca now is full of vibrant and happy youngsters/teenagers, first-home buyers and middle-class family people.

“We are looking great for the future,” Vance said.

 

By Brooke LEWIS