At this point in the early New Year, property turnover is pretty much on par with last year although there has been minor fluctuation in property sales prices which appear to have firmed five to ten percent at this stage. We’re also seeing that there is significantly less stock on the market so that combined with the fact that we have the Ulan West Coal Mine kicking off production in February/March 2012, we feel that prices are set to increase further in coming weeks and months.
On the Property Management side of things, here at Professionals Mudgee Real Estate we have a zero percent vacancy rate and have seen rents increase anywhere from $20 to $100 a week over the past 6 to 8 weeks. Again this is mainly due to the influx of new people to Mudgee who are associated with the mining industry amongst other things. Return on investment and future growth is attracting investors from outside the area which is good news, as an increase in rental property supply is definitely needed to meet the demand.
First home buyers were active in the final months of 2012 taking advantage of stamp duty concessions however from our experience, they didn’t rush into buying homes they weren’t happy with and there are still first home buyers looking content with the $7,000 grant. Those looking in the higher price brackets are concentrating on new or off the plan homes to still obtain stamp duty concessions under the “First Home New Home” scheme as discussed in an earlier blog post this week.
For more on the Mudgee real estate market, watch our Mudgee Market Report or contact Adam or Chandelle Woods at Professionals Mudgee today.