Regional real estate agents Chris Kinsela of Canowindra Real Estate and Ray White Emms Mooney Partner and Rural Sales Consultant, Josh Keefe report career-first increases in market demand.
Both say tree chaging due to COVID-19, low interest rates and cheaper comparative prices are a combination of factors that have led to properties not even making it onto the market.
There is a minimum of supply and continually increasing demand. People are regularly buying site unseen or with fly over inspections in order to make a purchase.
Mr Keefe has been in the industry for 17 years and said it’s been an extraordinary winter. “This market is the best I’ve seen,” Mr Keefe said.
“Interest rates are very low at present and driving national and international investment.” Investment in the agricultural sector continues to deliver a 7.5% per annum every two years.
“People are parking investment funds in the agricultural market as it’s seen to have stable conditions, with cereal crop and live-stock prices so high.”
He posted two properties for sale last Friday and fielded over 200 calls over the weekend, mainly from Sydney and Canberra residents. This weekend he will be riding on a quad bike and filming a ride over inspection.
Ray White sold $110 million of property in regional NSW last year.
He reported a dramatic increase in agricultural markets from metro purchasers, who are buying farmland or real estate as an investment. “Lifestyle property is one of the strongest sectors,” Mr Keefe said.
Mr Kinsela agrees. He said the last three to six months have gone crazy in the property market.
“There has been a boom in the last six months, and COVID-19 has had a lot to do with it,” he said.
“COVID-19 proved a quieter lifestyle could be managed with working from home. Moving regionally offers that and allows people to get into the property market.”