Whilst the Sydney real estate market continues its downward trends, the demand for regional properties in Gloucester remains quite strong. Below is a market snapshot which highlights how resilient our town has been.
- Current population is 3,000, up +2.7% over 5 years
- Owner occupiers account for 70% the market with the average length of ownership at 8 years
- The number of houses sold in Gloucester in the past 12 months as at January 2019 was 123 compared to 99 in 2018
- The median house price is $271k which is in line with last year
- Average days on market have continued to drop since 2015 which means properties are selling more quickly.
- The average vendor discount has been declining which means more properties are selling at or closer to the asking price
- 20% of all transactions are now at or above $366k
Source: Core Logic Jan 2019 relates to Gloucester town and excludes other locations
The period on either side of Easter is often a strong time of year for real estate. This Easter the town was packed with holiday makers, many of whom decided to extend their stay into the second week of the school holidays.
We have seen high levels of enquiries from Central Coast and Sydney buyers with the tree change market in full swing.Webbs Real Estate
These buyers are often looking for "key in the door" properties they can use as weekenders or as an investment now, with a view to retirement in the future.
Sales of residential building blocks have strengthened in recent months.
This is great for the local economy, and exciting that new homes are being built. We are fortunate to have several top class local builders to meet this demand.
In Gloucester, rental availability is still quite limited, with high demand in particular for renovated properties and strong returns compared to metropolitan markets.
To capitalise on the strong interest in Gloucester real estate, Webbs will be conducting a "Super Saturday" Auction at the Gloucester Country Club on June 1, at 11am.
With four great properties on offer, we are expecting a strong turnout.