Investment in Yamba area is defying the current trends
YOU’VE probably heard about the sluggish climate facing real estate but apparently no one’s told the increasing number of people investing in the Yamba area.
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YOU'VE probably heard about the sluggish climate facing the current real estate market but apparently no one's told the increasing number of people investing in the Yamba area according to LJ Hooker Yamba's "$8 million-man," principal Mark Porter.
Mr Porter said investment in the area was defying the current trend - he said he alone had more than $8 million in properties sold, or under settlement or contract since November last year and the trend was continuing.
The latest feather in Mr Porter's cap was the sale to an undisclosed buyer of the prestige Yamba property Allawah, on the hill between Convent and Pippi Beach Yamba - although the final sale price is private, to give a rough indication, the property was originally listed for just over $1.7 million.
Mr Porter said a sale like this was a good sign the local market was getting back into shape.
"It shows there's a bit more confidence in the market - people who have been visiting Yamba for many years, retirees, investors - they're all starting to come back into play after - you could say - being wounded over the last three or four years during the GFC," Mr Porter said.
"Interest rates have stabilised, a lot more people, rather than going to the share market, are now pin-pointing property again."
It wasn't just high-profile properties like Allawah being scooped up though, Mr Porter said even "bread and butter" homes around the $250-$300,000 price range were also being sold consistently which he said was further evidence the market was beginning to shake off the doom and gloom of the GFC.
At any rate, the upward trend was great news for vendors and for local real estate agents who have had a lean couple of years.
"We're happy to see things improving - it's been a pretty tough year for every agency in Yamba but we're all starting to reap the rewards of people coming back into the market place," Mr Porter said.
Originally published as Investment in Yamba area is defying the current trends
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