The ‘Prop Track Home Price Index’ released last week also found that home price growth in regional NSW (+54.6 percent) has outpaced that of Sydney (+39.1 percent) since March 2020 and the COVID era.

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Despite the overall picture for regional NSW, REA Group’s specific data for the Mid North Coast hints at a different story, with home prices in the region falling by 1.51 percent for the quarter ending in September.

Joint principal at NV Property with some 20 years’ experience under his belt, David Winton said he wouldn’t agree with the Prop Track findings in relation to the Nambucca Valley.

“The Mid North Coast can be very different to other regions and that [price increase] is not what we are seeing at the moment,” Winton told NOTA.

“The market has normalised since the COVID boom,” he explained.

Local auctioneer and real estate agent Michael Ettelson went one step further in his analysis, telling NOTA he believes prices have decreased.

He puts this drop at up to eight percent in some places.

“During COVID, rural and residential property prices doubled with increased demand and sellers came from major cities,” Ettelson said.

“Now as a direct result of high interest rates and high cost of living, there has been a market correction and price decrease.”

Craig Bellamy of Nambucca River Realty has been selling real estate for 27 years.

He thinks he has seen this before.

“Every 20 years there will be a short period when prices double,” Bellamy said.

“It happened in 2001-2002 and it happened over the COVID period.

“(In 2021) COVID combined with low interest rates but now that has finished, and interest rates are higher.

“People are still selling but buyers are trying to negotiate longer settlements or bridging finance etc and you often find they need to sell somewhere before they can buy.”

All the agents NOTA spoke to talked about the COVID period of high prices and quick sales where buyers would even buy properties sight-unseen, which has clearly ended now.

“Right now, it’s neither a buyer’s market nor a seller’s market,” Mr Winton said, “I would say it’s a ‘fair market’.”

Craig Bellamy agreed with this analysis.

“We are still making good money but it is nowhere near as busy as it was,” he said.

Michael Ettelson offered a final note of advice to sellers: “There has been less demand as listing price expectations are still higher with properties that don’t meet the market and are listed for way too long.”

He said agents needed to be genuine about pricing and work with vendors to create a realistic outcome.

“The agent that presents the highest property appraisal is not necessarily the one who gets results,” he cautioned.

By Ned COWIE