HORSHAM real estate agents have revealed their hot spots to buy this year.
Tim Coller, director of Coller Rathgeber Property Group, said the De Castella Estate was an ideal location for first-home buyers who are purchasing entry-level properties.
He said the estate was the “most affordable land” in Horsham.
Mr Coller expected the Jenkinson Estate to continue its appeal to families. He said the close proximity to Horsham West Primary School, Horsham College and day care services made the estate popular for buyers with children.
Mr Coller also suggested that the Southbank Estate could be another “strong” area for Horsham this year.
Mr Coller said the real estate market in Horsham was attracting a diverse group of buyers from investors, families, first home owners, retirees and professionals. He said the diversity and the incentives to buy property could mean a “very positive” year for the Horsham market.
“It’s the real strength of our market and because we do not have a particular buyer group who is stronger than the others, our market retains healthy sales rates and prices,” he said.
“We have some of the lowest vacancy rates that we have seen for real estate property and there is a great incentive for investors to buy properties in good locations and and receive good returns for those properties.
“There are also some real incentives for first home buyers to purchase a vacant spot in one of the established estates and build a home particularly to build homes with the $20,000 regional building bonus and stamp duty exemptions.”
Despite properties spending more time on the market, Mr Coller said this trend has not affected the prices.
Wes Davidson, director of Wes Davidson Real Estate, expects new developing areas to continue to perform well this year. But, he said the popular locations could vary depending on land and finance availability and the current prices.
“We saw the newer developing areas perform well in 2018, an increase in sales over $300,000, whilst noting a decreased demand for higher maintenance and lower priced homes. I think that is likely to continue,” he said.
Mr Davidson there was no common links between buyers because each client has different needs and wants.
“What we mostly notice is that buyers are being cautiously optimistic about the future, but it would be fair to say that every buyer wants as much as they can get within their budget. For some location is a factor and for others it’s more about the features of the home,” he said.
Mr Davidson has noticed that investors are attracted to the higher rental yields, but he does not believe this was sustainable.
“These yields are probably not sustainable in the longer term when the itinerant workers vacate the area,” he said. “Anyone buying an investment property should be looking to the medium to longer term, with a steady tenancy, rather than what is at hand at present.”
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