Despite the winter chill, the recent Federal election has, says property expert, Phillipa Marshall of PRDnationwide Port Stephens, put a spring back into the step of property buyers and sellers alike.
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"The Liberal win has injected some welcome confidence back into the market, with four sales transactions occurring in our office alone since the election.
"A good number of these properties have been purchased solely for investment and I am currently hard at work advertising and leasing these, alongside our Leasing Consultant, Jack McKinnon," says Ms Marshall.
"Rental prices have steadily increased over the past 3 to 4 years and despite the usual higher vacancy rate we see at this time of year, we are still letting properties to quality tenants every week at healthy returns for investors.
"We have seen local rental prices increase as interest in our market has risen along with the population. The median rental price for a house is now $440 per week and $380 for a unit.
With negative gearing secure, plus the Australian Prudential Regulation Authority (APRA) indicating its lending restrictions could be relaxed, by moving to abolish the mandatory assessment of new mortgage holder's ability to make payments on loans with 7.25 per cent interest rates (much higher than the actually average rate of 4 per cent), and potential interest rate cuts on the way, new home buyers and property investors can breathe a little easier.
"The feeling that the real estate market has been on hold for the last six months has lifted, and it's refreshing to come into the office every day to see increased enquiry from potential tenants and investors. The result being more people at both rental and sales open homes, and a higher number of transactions in both departments, including a rise in Auction clearance rates with some fantastic results under the hammer."
Ms Marshall says about 30 percent of her buyers are investors and with rental prices having remained stable during the last 12 months in Port Stephens , she says "the savvy investor will know that now is the perfect time to buy and invest in the area."
Call 4984 2000 to talk to PRDnationwide Port Stephens.