Port Macquarie district house price growth slows

Port Macquarie district house price growth slows
Port Macquarie district house price growth slows

The market within the Port Macquarie area is still receiving strong activity from home owners, but the recent rapid price increases have slowed, according to a recent report by valuers, Herron Todd White.

Recent sales show a trend of home owners purchasing new residential properties in the outer suburbs of Port Macquarie within new subdivisions.

"Here the land component is less expensive than the beachside suburbs with blocks ranging from $210,000 to $240,000," HTW noted.

Older standard and more centrally located 3-bedroom, 1-bathroom dwellings are proving to be popular with the first home buyer section, however steep competition earlier in the year has caused rapid increases in prices.

A two-bedroom house at 73/270 Hastings River Drive (above) at Port Macquarie has sold for $210,000. The selling agent was Edward Bajt of Wiseberry.

A two-bedroom house at 129/1 Ocean Street in Port Macquarie sold for $230,000. The selling agent was Louise Fleming of Wiseberry.

 Port Macquarie district house price growth slows

"This rapid increase has slowed and we are now seeing some of these houses taking longer to sell and often at below asking price.

"In the first half of 2017 these properties were mostly selling at listing price within one to two weeks."

HTW noted that the investor market has "somewhat cooled" with rental returns within the township of Port Macquarie decreasing slightly and allowing entry level owner-occupiers to be more active within the sector.

Houses within the middle range are still selling well with many of these properties being more suitable for middle to high level income families.

A high percentage of these houses include pools, indicating that family friendly houses are being sought after within the region.

"Generally though, as investor activity has dropped off, owner-occupier activity has increased and overall market activity has lessened slightly during the second half of the year to date.

"Come springtime the markets tend to pick up again."

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