More buyers than sellers
People want to buy houses in Gloucester, so much so, that the demand has overtaken the supply in the real estate market.
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This is according to Ray White Rural Gloucester agents, Kristy Markham and Olivia Harris, who say that some houses are even selling before they hit the market.
“There has been a big change,” Kristy said. “Time on the market has decreased and properties are turning over quickly.”
Not only are the houses selling fast, but also for a decent value.
“We’re finding vendors are meeting or exceeding price expectations,” Kristy explained.
“A lot of buyers are ready to buy and aren’t restrained by finance,” Olivia said.
But as there are more buyers than sellers, in regard to established homes, there has been a increase in inquires about vacant blocks.
According to the latest NSW Valuer General’s report, the residential land values in Gloucester haven’t increased or decreased between July 1, 2017 to July 1, 2018, however, this seems to have little bearing on the fact that people want to buy here.
“We get a mix of buyers,” Olivia explained.
“Some are investors, some first home buyers, locals wanting to downsize and tree change buyers, mainly from the Central Coast.”
“The feedback we get is that other areas are getting too busy and people want a quite location,’ she said.
Olivia explained how Gloucester’s location is a benefit, being an easy drive from Newcastle and Sydney.
“We do attract those weekender buyers,” Kristy said.
Both Kristy and Olivia agree that it’s not necessarily a case of less properties being for sale but that the demand has increased.
The land values in Gloucester as at the property market at July 1, 2018.
Church Street, Gloucester ($90,000 and $120,000)
Denison Street, Gloucester ($77,500)
Moonlight Circuit, Gloucester ($150,000)
Council rates
Land values are one factor councils use to set rates. The Valuer General gives councils new land values at least every three years.
From July 1, 2017 most councils will use July 1, 2016 land values for rating.