Dual occupancy properties on the rise in Port Macquarie as price inflation emerges: HTW

With the federal election now over and an interest rate drop of 25 basis points in August, the property market in Port Macquarie is again showning signs of gaining momentum, according to Herron Todd White’s (HTW) latest monthly market report.

The property advisory firm says real estate agents report that they are scratching the bottom of the barrel for listings.

Demand within the Port Macquarie township mainly between the market range of $350,000 to $450,000 for three bedroom older houses, two to three bedroom villas and new dwellings within the outer suburbs close to the university have been "hot, hot, hot" with sales being achieved either prior to advertising or within days afterwards.

One example of a property within the most active price range is the three bedroom home at 31 Marian Drive (pictured above) that is for sale for $369,000.

HTW advised that property prices have started to become inflated as buyers compete for properties.

"This has spurred sales of vacant land within the outer suburbs of Port Macquarie and in the small surrounding villages with many new subdivisions close to being sold out prior to being registered," the report stated.

Subdivisions at Crestwood, closer to Port Macquarie, are seeing higher priced and higher quality dwellings being built on these lots, fuelling the outer subdivisions such as Sovereign Hills and Lake Innes where a more reasonably priced lot and dwelling can be achieved.

HTW noted an increase in construction of dual occupancy style dwellings.

"These generally comprise a three bedroom, two bathroom dwelling with an attached two bedroom, one bathroom for the owner’s parents or as a separate rental.

"We suspect that this momentum may continue for some months, especially with the Christmas holiday season still to come."