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Local downsizers and Sydney investors are set to drive up demand for Bathurst real estate this spring, according to prominent network Raine & Horne.
Executive chairman Angus Raine said that the numbers add up.
“Sydney investors continue to recognise that towns such as Bathurst offer excellent affordability and investment yields compared to the capital city markets.
“Bathurst’s median real estate price of $380,000 is significantly below the Sydney median, while rental returns between 4 and 5 per cent compare favourably against those generated by investment properties in the capital city.”
Mr Raine said that a solid infrastructure was appealing.
“Robust population and services hubs such as Bathurst appeal to investors because they can deliver quality healthcare facilities, employment, diverse economies, and comfortable and affordable lifestyles.”
Local downsizers warming into spring
Co-principal of Raine & Horne Bathurst Michelle Mackay said that the arrival of spring has bought more buyers out of the woodwork.
She said that this included local downsizers as well.
“Local downsizers are moving out of family homes and into three-bedroom apartments with double garages in the Bathurst CBD,” Ms Mackay said.
Ms Mackay said that keeping up with the demand may prove to be a challenge.
“These newer apartments are valued between $460,000 and $500,000. The trouble is that we don’t have a lot of this stock available for sale this spring, while older two-bedroom apartments are selling for about $350,000.”
Ms Mackay said that the drought has also encouraged some older people to leave the land behind and move into town.
“The only Sydney buyers we’re seeing are investors who like the fact they can get 4 per cent yields in Bathurst,” the co-principal said.
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