The sun has set on 2016 and it’s time to look to the year ahead and predict what’s in store for the Mudgee property market.
Last year was an interesting year for the Australian real estate market. We saw interest rates reach record lows; Sydney property prices get out of control and a growing issue of affordability in many of our major cities.
Will this year be any different, and what does it all mean for us here in Mudgee?
Affordability still an issue
Housing affordability isn’t going to go away anytime soon. Despite the best efforts of regulators, Sydney prices continue to escalate and even if prices stabilise they will still remain out of reach for most first home buyers. The median sales price for units alone in Sydney, NSW in the last year was $695,000, according to realestate.com.au.
Compare this to Mudgee, where median sales price for houses in Mudgee, NSW in the last year was $374,000. For almost half the price of a unit in Sydney you can get a house in Mudgee – not a bad deal!
A lot of people from Sydney have been looking at alternative pathways to get into the market, from rentvesting to buying with friends. Many buyers are also looking to escape from Sydney altogether, which brings us to our next point…
The rise of the tree-changer
Regional areas are looking increasingly attractive to people living in major cities. Lots of people want to escape from the hustle and bustle and get out and enjoy nature, space and peace and quiet, while still having a vibrant town to visit when they want to experience culture and entertainment.
Places like Mudgee offer all that and more with beautiful houses at affordable prices and a lifestyle that can’t be beat.
Tree changers used to be reserved for people of retirement age, but it’s becoming much easier for younger generations to make the move to regional towns thanks to many jobs now offering the ability to work remotely.
A lot of people can do their work from home, and if they need to travel from Mudgee to Sydney regularly can do so via daily flights.
More and more people are discovering the magic of Mudgee and this will continue in 2017 and beyond.
Renovations will remain popular
A lot of homeowners will look to maximise their home’s value by making improvements. Renovations have and will always be popular, but as we see more renovation shows and drool over pictures on Pinterest, it’s hard to not want to make our homes look as good as the ones we see elsewhere.
Expect to see a lot of locals rejuvenating their old Mudgee properties and making them look like something you would see in a magazine. Particularly people selling, who realise the importance of presenting their home at its best.
We can’t wait to see what else 2017 will have in store for the Mudgee region! If you want to talk more about the local property market then feel free to call us at Professionals Mudgee on 02 6372 2584.