Property market is a mixed bag
THE old rule of supply and demand continues to influence the Grafton property market.
But agents are giving mixed reports with regard to what's selling and the type of properties attracting the most attention.
We spoke to two Grafton real estate sales people to get their thoughts.
LJ Hooker Grafton
LJ Hooker Grafton licensee Matt Dougherty said the market was still very price sensitive.
"We're not really seeing any upward movement in process yet," he said.
"It's still a buyer's market - sellers have got to come down to meet their price expectations.
"I think it's going to be a little time yet before we see any rise in the market."
He said stocks would have to lessen in order for prices to rise.
Mr Dougherty said the volume of sales in the area had increased over the past three months.
He said interest in residential blocks in the new Marian Estate on Queen St, Grafton, was beginning to stir.
"We have five blocks under contract at the moment, with a total of 17 residential blocks in the first release."
"Ultimately there will 54 lots in that estate."
With vacant blocks of residential land being purchased, Mr Dougherty said it wouldn't be long before the local economy would receive a boost from the sales.
"Hopefully it will stimulate some building activity," he said.
"That's what we need at the moment.
"There hasn't been much new home building recently."
Mr Dougherty also mentioned the rental market was getting tighter.
"At the end of January this year, we had a vacancy rate of 5% on our properties. Now it's down to about 1.4%."
But he said it wasn't unusual to see a high vacancy rate during the month of January.
McKimms Real Estate
McKimms Real Estate agent Adam Crawley said his agency was receiving high demand for properties on the lower end of the market.
"Most of the places we have sold recently have been under the $250,000 mark," he said.
And while he had no way of properly measuring it, Mr Crawley said there was a lot more genuine buyer demand around.
"There seems to be more phones ringing and people coming in looking for properties more often," he said.
"We're also starting to get more inquiries into rural listings."
Mr Crawley said rental enquiries had slowed down in recent weeks.
"This is the first time in a long time that rental property enquiries are slow.
"The only thing I can attribute it to is that maybe people are looking to buy instead of rent," he said.
"That could be taking the demand out of the rental market."