Hot Northern Rivers real estate in a bubble of its own

Real estate agents reporting properties are selling “off market” as demand far outstrips supply

THE Northern Rivers has become a real estate hotspot due to COVID 19, with properties often selling "off market" as soon as they are listed with agents.

Cashed up Sydneysiders wanting to escape the city because of the pandemic are primarily driving the buoyant market.

Conversely, properties for sale on the Northern Rivers are in scant supply, meaning prices are either holding their own or even increasing as demand far outweighs supply.

And with employers now more willing to let staff work from home, savvy professionals are working out they can work from anywhere and regional areas like the Northern Rivers have long been a destination of choice.

While he said he hadn't seen any examples of Sydney-siders buying Northern Rivers properties sight unseen, Duncan Lorimer of Elders Bangalow, said many homes were selling "off market".

"We are finding more properties don't even make it to open inspections," he said.

"We are dealing with an extensive list of buyers, so we just pick up the phone and marry them to a property."

He said COVID 19 had brought forward a lot of peoples'plans

"From what I gather, people are sick of traffic and they are sick of the competitive nature of Sydney and COVID 19 has made them think more of the benefits of living in regional Australia," he said.

Nick Bordin from Elders Real Estate Lennox Head said the lack of supply, especially when it came to higher end properties, was the biggest thing affecting the local market at the moment.

"This whole area is in a bit of a bubble," he said.

 

Main Street Lennox Head. photo Jay Cronan/The Northern Star

 

"Anything quality and well presented, is seeing a lot of interest from buyers in Melbourne, Sydney, even locally.

"This region is so accessible to the cities, with the airport so close by.

"Even if people aren't going to live in these properties full time right now, they are looking to buy now, to get in quickly, because properties like these just don't turn over.

"They are highly sought after."