Real estate agent says market is entering "new normal"
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Growth in the rural sector has been supported by demand from purchasers expanding their holdings for succession purposes or increasing their economies of scale. Proximity to the Canberra and south coast areas also support the growth in this market," the report stated.
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Local real estate agent, Justin Fleming, said the report was generally reflective of what he has seen in the market.
However, he said in the autumn and winter period of 2023 he had seen a slow down in property movement with more properties than usual coming on the market in spring and early summer.
He said supply at this time had exceeded demand but there were still strong enquiries and sales through the period.
"I still have confidence in the market and in my view the market is just adapting to a new normal post-Covid." He said.
"There is still strong demand for vacant residential land as evidenced in Boorowa where we sold 18 blocks in Donohue's Estate over a five month period from July 2023 to Christmas." He said.
For more information, visit: www.valuergeneral.nsw.gov.au
Strong growth in rentals
Hilltops has also experienced strong growth in the rental market.
A report released by Domain at the end of December showed Hilltops has seen a 48.1% increase in median rent since 2018 when the median rental was $270, the median rental at the end of December 2022 was $350 and $400 at the end of December 2023.
Debbie Evans
I was born in Cowra and grew up in the region as part of a farming family. I've had extensive careers both in Journalism and Local Government. I'm passionate about supporting and advancing the local communities of the region and have a keen interest in the current affairs affecting residents. I love being outdoors and I live on a small rural property just outside Young. My spare time is spent with family and friends, camping, fishing, gardening, looking after my small flock of merino sheep and being with my companion dogs. I love to travel and I have been to New Zealand, Europe and Canada. I hope to travel more broadly in Europe in the coming years.
I was born in Cowra and grew up in the region as part of a farming family. I've had extensive careers both in Journalism and Local Government. I'm passionate about supporting and advancing the local communities of the region and have a keen interest in the current affairs affecting residents. I love being outdoors and I live on a small rural property just outside Young. My spare time is spent with family and friends, camping, fishing, gardening, looking after my small flock of merino sheep and being with my companion dogs. I love to travel and I have been to New Zealand, Europe and Canada. I hope to travel more broadly in Europe in the coming years.
