REAL estate is in high demand in Nambucca Valley, both in terms of buying and renting.

According to Craig Bellamy from @realty this is an “Australian wide housing phenomena”.

Speaking with News Of The Area, Mr Bellamy said the real estate market has a 17 year cycle.

“Last time was in 2002-2003,” said Mr Bellamy.

“Prices doubled across a 2 year period.”

There is a key difference this time as interest rates are at an all time low.

Mr Bellamy said, “According to figures 300,000 people have moved into regional areas.

“There is not much stock.

“It comes in and goes pretty quick.

“Places are selling in a couple of days because there is a fear of missing out,” he said.

News Of The Area spoke with David Winton from Nambucca Valley Property who said that property sales are moving quickly.

Mr Winton stated that a range of people are buying and moving into the Valley.

When asked if Nambucca Valley Property had found it was new residents from the cities who were coming in and snapping up local property, Mr Winton said, “It is a bit of everything, locals trading on up or down, people coming from built up areas. It’s a mix.”

The amount of available rental properties are at an all time low.

Mr Winton said they have low rental stock at the moment, and a couple of weeks ago they had nothing.

When agents do have rentals available they are snapped up quickly, receiving large numbers of applications.

“With over 20 years working in the Valley, we have never seen it like this,” commented Mr Bellamy from @realty.

Mr Bellamy mentioned that AirBnB had reduced the amount of long term rental properties out of the marketplace.

Speaking with News Of The Area, Mr Bellamy expressed his frustrations in relation to the current real estate climate.

“It’s upsetting for us as agents when there are people under so much stress with lack of affordable housing, both for buyers and renters.”

 

By Rachel MCGREGOR-ALLEN