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The month in review: Regional NSW
By Herron Todd White
September, 2009
WAGGA
The sales statistics from 2008 and 09 definitely reflect our
thoughts on where the Wagga market currently is - which
are that the market is moving along at a steady pace,
particularly in the budget to medium sectors. The price
brackets in the graph make it difficult for us to comment
accurately on just which of the sectors is performing the
best, as the bulk of our residential market trades for under
$500,000. We feel that the low to mid range markets have
been boosted by the First Home Owners Grant, and this
has driven the bulk of the sales in our market. Local agents
have recently been reporting that they are receiving
an increased level of enquiry about rural residential
properties and also a slight increase in the demand
for $350,000+ dwellings. Overall, the Wagga market is
looking healthy at present, so lets hope it continues!!
GRIFFITH
The number of sales has decreased over the past three
years. The market which has experienced the largest
decline in the volume of sales is the prestige market. The
budget markets have continued to tick along and the
middle market is steady, but lacks the momentum of the
past. The sector which is doing the best at present is the
first home buyer sector, anything cheap and cheerful is
still getting a good reception. The market over the past
three years has been impacted by prolonged drought
and associated employment uncertainty, a lack of
irrigation water entitlements, the financial crisis and a
general affordability struggle. But on the whole when you
considered the combined impact of all mentioned factors
the market has held up reasonably well. A contraction of
between 5-10% on average over the long term is a bump
in their road, but if you had to sell and purchased within
the last few years is has been said is like getting in the ring
with a heavy weight boxer, a beating waiting to happen.
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