Real estate agents from Pacific Palms, Forster-Tuncurry, Bulahdelah and Nabiac have said property is moving the fastest it has in a long time, and that people are snapping up everything, from residential homes to farmland.

Pacific Palms

FOR the past six months, Pacific Palms Real Estate’s sales have increased to the point where they now have the lowest amount of Smiths Lake and Coomba Park listings since 2005.

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And at Blueys and Boomerang beaches, more beach front properties have sold in the last 12 months than in the last five years put together. 

Licensee Greg Hope said what made Smiths Lake and Coomba Park so desirable to those that were buying was affordability. 

“Those areas simply represent value for money in a coastal market in comparison to Newcastle and Sydney.”

And while the prices were not as high as Blueys and Boomerang, they were improving.

Mr Hope also said people were buying land to build on, and the level of building was the biggest it had been in 10 years.

“It is a healthy and interesting market and we are definitely looking for new and quality stock. 

“It is a good time to talk to us for a free house valuation.”

Mr Hope said the buying boom was positive for property owners in the area. 

Bulahdelah 

AT Bulahdelah, Edes Real Estate is selling as much property as it can list, whether it is vacant acreages, farms or residential houses.

Licensee Brian Ede said he believed

one of Bulahdelah’s attractions was price compared to the expensive Sydney Market.

“Bulahdelah is also a good town that is known to everyone as being safe,” Mr Ede said.

“It has things like the school that goes through to year 12 that makes it desirable to families.  And it has been families and middle aged people looking to retire who are buying.”

However, Mr Ede said there were no first-home buyers, probably because of the lack of incentives.

Mr Ede said while the season had been strong, he was unsure where the next lot of listing would come from.

He said all the action would probably turn to higher prices in the area. 

Nabiac

IN the last couple of months Nabiac real estate agents have sold fourfold their usual amount of properties

Nabiac Real Estate part owner Marina Andersen said since 2006, property prices had come done 25 per cent, but have recently made back that ground, plus another 10 per cent.

“We have sold pretty much everything from vacant land to residential homes,” Ms Anderson said.

“People were worried about dirt-road driveways before, however now it doesn’t seem to worry them much.”

Ms Anderson said a lot of people had been caught out sitting on the fence.

They would see the property, but wait two weeks to decide to take it only to find the house was already sold.

“If it’s listed at a good price, it will go.”

Ms Anderson said the buyers came from Sydney and the surrounding areas like Maitland, Wollongong and the Central Coast who were mainly looking for holiday homes.

Like in the rest of the Great Lakes region, few first-home owners were buying in Nabiac.

Ms Anderson said they had little incentive to do so.

“With the rural sector they need 30 per cent deposit, which makes it difficult.  They are going to Taree or to buying cheapies they can renovate themselves.”

Forster

REALESTATE Life principal Alex Charlton thinks while Great Lakes house prices have only risen three per cent on average since last year, some suburbs have grown 10 per cent in the last two years. 

Mr Charlton said the Lakes Estate was one of those suburbs that had grown 10 per cent in last two years.

Forster Keys and Palms Estate prices had also grown a lot.

“In the Palms Estate you could profit by buying land, building and then selling in the same market,” Mr Charlton said.

Previously, properties worth $300,000 to $400,000 were the biggest sellers.

 Now beach-front properties worth $700,000 were also moving fast.

“Everything has jumped a little bit higher,” he said.

“We saw it in the begging of year when there was an increase of enquiries and inspections.  And as soon as things start selling, buyers start getting nervous.”

Mr Charlton said the usual wait-time for a house on the market was 300 days, but now new listings sold in 90 days.

“With the current market we’ve seen a higher turnover since the 2003 boom,” Mr Charlton said

“That always brings the price up. People don’t wait for a better offer, they just pay the asking price.”

Mr Charlton also said the buyer profile of Forster was different to Pacific Palms. 

“We have always had a big number of Sydney buyers. But they are also coming from inland towns like Dubbo and Orange,” he said.

“There are even locals who are just looking to move.”