This year has seen some crazy stuff happening in the property market, prices have surged, investors have been selling, the rental availability is at an all time low and it seems everyone who ever dreamed of leaving the city, packed their bags! And what about Property in Hervey Bay? Well, the same thing happened here! Everyone who thought about selling did and now we a have very little for sale but lots of willing buyers. Real Estate Agents are saying the market has slowed, but what they mean is, they have nothing left to sell.
Here’s a few stories that I’ve been told: One housing estate sold 22 blocks in 2 days – before they’d been surveyed! Some properties were sold, sight unseen, to interstate buyers (who have never even been to the area) before they had been listed for 24 hours! Properties that might have been on the market for a few months in the past, are now sold within the first week of being listed. All of this is pushing prices up and a lot of buyers are missing out.
The big question is what’s driving it all?
Some of the top researchers in the country are saying all the data points to several factors, and they believe this Boom is going to be with us for at least another 12 months. The lockdowns have made businesses re-invent themselves, so more of their employees can work from home. This has caused many people to re-think living close to the city, and have decided to get more out of life by moving to the regional areas. Low interest rates have made it more affordable for first home owners, returning Ex-Pats have become owner occupiers or selling their investment properties to owner occupiers; causing huge pressure on the rental market.
While we wait for the latest figures to come out, it’s safe to say Hervey Bay has exceeded the predicted population and lack of housing (rental vacancies are around 0.5%) has caused many new residents to camp out in friends/family’s back yards. New housing estates are opening to meet demand, but are often sold out before you can get a look in.
SOLD out in 2 days!
Real Estate Agents have more Buyers than they do properties to sell, so I often hear stories of how hard it is to get an Agent to return your calls. They don’t need more Buyers at the moment, sadly you are just another number to them. I’ve been talking to a number of Buyers from Interstate and the other thing that stands out is how unprepared they are to move quickly. They are uneducated on the current market and don’t see the need to be ahead of the competition. Many tell me they are happy to spend their spare time “house hunting” online, looking for the perfect property. Sadly, by the time they pick up the phone, it’s SOLD. In the months they have wasted “looking” property prices have already increased by tens of thousands.
What can you do?
If you seriously wish to buy Property in Hervey Bay, you need to ask for help. Buying sight unseen is a risk that can come back to haunt you. I was talking to a lady a few days ago from NSW, she bought a property here sight unseen. They knew it needed a few things done to it, but when they arrived her husband had a melt down at just how much needed doing! Unfortunately this is a common story at the moment.
It’s human nature to evaluate the cost of a Buyers Agent by saying “Why should we pay a BA? we can we can do it ourselves. It can’t be that hard”. What we don’t factor into our evaluation is that, in times like this the property prices are going up steadily. If you calculate how long it will take you to find a property (that doesn’t get sold before you pick up the phone) let’s say 6 months, and in that time – talking from experience around here – the property has gone up $50,000. That means it has cost you $50,000 to “do it yourself”. And you’re buying sight unseen! Don’t you think that avoiding a Buyers Agent is an expensive way to save money?
I’ve always said, You can move anywhere, if you know just one person there.
Cheers to being your first friend in Hervey Bay.