Property market holding strong despite virus

Properties being snapped up days after listing in suprising trend

16 Fat Duck Road, Woombah sold in four days for $489,000.

DESPITE the global pandemic, Clarence properties are being snapped up within days of hitting the market.

The Clarence Valley property market is continuing to show positive signs and in recent weeks there have been a total of six properties sold, gone under contract or offer within just two days of listing.

Ray White Yamba principal and licensee Daniel Kelly said there was no doubt coronavirus had changed the market and caused a reduction in both supply and demand.

However, Mr Kelly said a cohort of buyers whose plans remained unchanged had helped continue the trend of quick sales. And while the overall number of buyers may have reduced, the results were still “very much the same because the desire is there to purchase”.

27 Gumnut Road, Yamba sold for $625,000 in one day.

This presented an opportunity for sellers to tap into a pool of potential buyers who may be “more frustrated than ever” as their options became more limited.

“There are much fewer properties coming to the market and that is creating an opportunity for those looking to sell,” Mr Kelly said.

The properties to fly out the door recently were from across a variety of price ranges and Mr Kelly said that gave a good indication of the strength of the market.

“There is very good evidence there to tell anyone who is genuinely thinking about selling …they can bring their property to market and keep moving.

“While there are fewer properties and fewer buyers, the appetite is still there for the right property and that is where those results come from, matching the right buyer with the right property.”

1/33 Acacia Circuit sold for asking price of $425,000 in two days.

Clarence Property Agents principal Fiona Beamer had also seen similar movement, and said it could reflect the community’s eagerness to get through this crisis.

“In order to get through something like this people still have to live life as they would have and still try and work towards their original goals,” she said.

Ms Beamer had been “pleasantly surprised” how the local market was reacting after the initial few weeks when “we hit a wall”.

“I think the criteria is still the same if you are a buyer - bank lending is the cheapest we will ever see it, so as long as people feel secure in their employment it is still a very good time to purchase,” she said.

“And for the vendor, the flip side is there are buyers out there still, so you may not need to put life on hold.”

Originally published as