Many regional property markets remain resilient due to low/nil infection numbers according to the latest report from Herron Todd White.
This month their residential teams around Australia have revealed the state of affairs for investor purchasers in their speciality locations. Here are just a few of their examples:
Property sales have kicked upward over the last month as intrastate and interstate travel brought non-local buyers back into the fold
The COVID-19 issue is of particular relevance to the Byron Shire market as many of the transactions that occur are for investment purposes with many of those investors originating from Sydney, Melbourne and Brisbane with a smattering of buyers from overseas. The absence of these buyers from the market because of coronavirus has caused much angst to sellers.
While overall demand has softened slightly, investors in the New England North West are reasonably active in the major centres of Tamworth and Gunnedah with properties in the $200,000 to $400,000 selling at or near their listing price with locations such as West Tamworth and North Tamworth continuing to appeal to the investor market seeking renovation and/or development opportunities at reasonable prices.
North Gold Coast
The market is currently strong, and properties marketed with sensible expectations are selling very quickly. This applies to family-style, single detached dwellings and duplex and townhouse style units. Many sales are showing a slight increase in price points and value.
We continue to see residential property in the Rockhampton region (including the Capricorn Coast) selling. Well-presented properties continue to be snapped up by purchasers and Rockhampton and the Capricorn Coast
The resilience of the Townsville residential market post-COVID-19 continues to astound us with increasing sentiment and a noticeable increase in vacant land sales and new home construction following the $25,000 Homebuilder grant.
Investor activity in Warrnambool is currently strong and is forecast to stay strong into the long term.
Having been crowned Australia's most liveable region by Ipsos's annual Life in Metropolitan and Regional Australia report and offering affordable entry into the investment space, especially when compared to other major regional centres, Warrnambool has great prospects moving forward.
The property market in Central Australia has not been impacted to any great extent by Coronavirus. Agents report good levels of activity from both buyers and sellers and NT Government statistics indicate that transaction numbers have remained steady.
The Hobart residential market has remained stable allowing local residents the ability to purchase their first home without interstate competition.
In saying that, there are still many properties receiving multiple offers. The price point for multiple offers appears to be in the $400,000 to $600,000 range.