Real estate booms with strong demand for homes
REAL Estate markets are firming, house listings are tough to come by and more homebuyers than ever are browsing property websites.
These are the upshots boosting real estate sales in Coffs Harbour, according to a local agent.
Coffs Harbour NSW Real Estate principal Chris Biggs says one end of the market in particular is adding resilience to the industry.
“Without question, first home buyers are continuing to capitalise on government grants and lower interest rates,” Mr Biggs said.
“There's such strong demand in the Coffs Harbour market from first home buyers, even now after the cut in the home buyer's grant.”
The Federal Government's new home owner incentive recently fell from $14,000 to $11,500.
While a further cut of $3500 is expected before the end of the year.
Over the past 12-months, almost 50,000 new home buyers entered the property market nationally - the biggest proportion since 2001.
Because of this, Chris says the demand for housing is far outweighing the supply in local listings.
“Particularly in the housing brackets up to $400,000. There's a lot of competition when it comes to offers and bidding on these houses.
A lot of first home buyers are actively buying these homes,” Chris said.
In times of virtual home tours, the computer mouse has clearly outdated the auction hammer as the agent's primary sales tool.
AC Nielsen Online Research shows the nation's leading property site realestate.com delivered a record 5.2 million unique visitors in September. Domain by contrast was well back with less than half that number.
The monthly count also set a NSW record where 1.76 million potential buyers looked for property on the site. “At least 80 per cent of our agency's sales come via internet inquiry, that's what buyers are telling us when we ask 'where did you first see the home'?” added Mr Biggs.