It’s always hard to calculate just how many buyers there are in the market, as a lot of people who may be thinking of buying in the future, mightn’t have made their first real move yet. So if you’ve had your eye on the real estate market for a while, our series of “Why Buy Real Estate in Mudgee Now” will hopefully give you some good reasons behind why you should either take that next step, or hold off for now.
The Professionals Mudgee team believe one of the most compelling reasons to buy real estate in the Mudgee region now relates to simple economics; supply and demand. With population growth comes demand, and with current housing shortages throughout New South Wales, demand is only going to increase.
The local Mudgee region is currently home to around 23,000 residents however a recent publication, Economic and Business Profile for Mudgee Region, projects that in the next 3 to 5 years will see seven local mines create 2,123 new positions which will in turn bring between 3,185 and 5,732 extra people to the area.
Whilst a number of projects mentioned in the Mid Western Regional Council Publication may still be a while off yet the Ulan West project (an expansion of existing Ulan Coal Mine) seems imminent with a recruiting drive currently under way.
Population growth of this magnitude is likely to place stress on the local housing markets that have already been stretched in recent times.
As with any commodity supply vs demand equals price so it is only logical now is the time to get in before house prices rise and for those investors out there to secure property that will only see yields increase in coming years.