Clarence Valley expected to see reduction in rental enquiries and returns in 2020: HTW residential
As the festive season nears its end and a sense of normalcy returns to the Clarence Valley, 2020 is set to see a resilient response, and hopefully prompt recovery from recent fire events, according to the latest Herron Todd White (HTW) residential report.
The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.
"Given the devastating and varied effects of this disaster on property as well as the community, it is without a doubt a trying time for many," the valuation firm said.
With a number of major infrastructure projects including the Harwood Bridge and Pacific Highway upgrade and new Grafton Correctional Centre nearing or predicted to reach completion in 2020, it is likely we will see a general reduction in rental enquiry and return, an element which has played a key role in recent times.
"However, whilst this is undoubtedly a contributing factor, given recent trends it is unlikely that the greater Yamba, Maclean and Grafton areas will see a sharp decline in market values.
"That said, there is certainly a sense of stability rather than increase in the air," the valuation firm stated.
A three bedroom house in Grafton has recently been sold for $380,000.
Located at 9 Dovedale Street (pictured below), it comprises three bedrooms, two bathrooms, new kitchen, and single lock up garage.
It's located within close proximity to the Clarence River, sporting fields and the CBD.
The property sold for $220,000 in 2007.
Another recent sale was a four bedroom house nestled up on Maclean hill with 180 degree views.
The dual level family home in Maclean was sold for $430,000.
Situated at 39 Clarence Street (pictured below), it features thee bathrooms, river views and fully fenced backyard.
The report notes it is due to a myriad of reasons, including the region’s comparable affordability, natural features and proximity to considerable infrastructure, that residential market values are expected to remain steady with supply continuing to be dwarfed by high levels of demand for most product types.
"Whilst prestige and unique properties may see extending selling periods, almost all property types in the sub $500,000 category look to have a healthy pulse as we welcome 2020."