GUNNEDAH’S property market is on the rebound from challenging market conditions throughout 2016, with a 25 per cent spike in residential sales this year.
The chief executive of one of Australia’s largest real estate networks said that confidence is returning to the Gunnedah region during a visit to the town on Wednesday.
“First National Gunnedah’s residential sales have increased 25 per cent in 2017, influenced partially by the recovery in the price of coal,” First National Real Estate chief executive Ray Ellis said.
“Other factors positively affecting local property volumes are the strong agricultural commodity returns of recent years as well as improved seasonal conditions for farmers.”
Rental property vacancies have drifted down from highs of around eight to 10 per cent just 12 months ago, to between one and two per cent today, according to First National.
“Gunnedah is leading the way at the moment,” Mr Ellis told the NVI.
“The trends we’re seeing is lesser houses for sale so the number of houses to choose from reduces.
“So if you have a house for sale and it’s reasonably priced, it will sell in a very short period of time.”
The drop in vacancies has enabled First National Gunnedah to restore investor yields to normal levels but home sellers are also reaping the benefits of greater buyer confidence.
“First National Gunnedah is an innovator; it’s a real estate agency that under Mike Brady’s leadership is always looking for new ways to incorporate technological advances into its sales, communication and marketing strategies,” Mr Ellis said.
“However, real engagement with people is what drives its continued success and is the definitive difference throughout the First National Real Estate network.”
“Barnaby Joyce is right,” Mr Ellis said.
“Cities like Tamworth and even Gunnedah are moving closer to Sydney – the highways are better, the internet is here.
“Twenty or 30 years ago, Gunnedah to Sydney was once a year trip. Some people might do that four or five times a year now.
“The accessibility of regional Australia to capital cities is a lot better.”
In his first visit back to Gunnedah in four of five years, Mr Ellis noted that the town was buzzing.
Mr Ellis said it wasn’t just mining that strenghtens the real estate industry, but also strong commodity prices.