Property market seeing the light

The Yamba property market is moving in the right direction.

Ray White Yamba

YAMBA real estate agents have noted a renewed interest in the local property market over the past couple of months, with inquiries demonstrating a definite spike over the past six to eight weeks.

Although this may be a seasonal trend, David Lovell, director of First National Yamba Real Estate, believed the good results achieved in January and early February this year were a sign of things to come.

"I think we've probably seen the darkest days of the property cycle," Mr Lovell said.

"We're now seeing the light at the end of the tunnel. Things are moving in the right direction and gaining momentum," he said.

"My gut feeling is buyers should think about acting now, don't look back in 12-18 months and have regrets," he said.

Mr Lovell said he has noticed an increase in buyers shopping at the top end of the market, that is properties valued greater than $750,000, and estimates that 75% of these inquiries were coming from potential buyers in south- east Queensland.

"We recently sold a luxury unit on Ocean St in Yamba for close to $1.5 million to out-of- town buyers," said Mr Lovell, but he said that although there are currently more than 15 properties on the market in Yamba asking in excess of $1 million, that this was not unusual.

Meanwhile Daniel Kelly, licensee from Ray White Yamba, said he also believed buyer interest had become a lot more consistent over the past few months, with family homes making up a majority of recent sales.

However he also said he did not forsee any major changes in the next 6-12 months.

"Family homes have been keeping the market ticking, especially over the past six months or so," said Mr Kelly.

"Properties are selling if they are priced right, but unfortunately in some cases expectations are still at high levels," he said.

Mr Kelly predicts conditions would continue to stabilise and buyer interest is likely to be more consistent.

"With rates remaining on hold, it appears to be a good message from the Reserve Bank," he said.

"Now is the perfect time to buy."

Yesterday, ANZ announced it would increase its standard variable interest rate on home loans to 7.36 per cent from 7.30 per cent, a total of six basis points, despite the Reserve Bank leaving its interest rates on hold ealier this week.