With the NSW Government easing restrictions and paving the way for communities to move forward, the Examiner is taking a look at what Port Stephens needs to bounce back, both economically and socially, after the agitation of COVID-19. The Port's Road to Recovery series aims to paint a picture of individual industries and social issues, how they have been impacted and what the future looks like for them - as told by those on the ground. This week the series begins with a look at the real estate industry.
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There was some panic among real estate agents when when the nation went into lockdown in March and the real estate market "stopped dead".
But as Mark McBaron and Ryan O'Connor, the principals at Ray White Raymond Terrace, soon realised life in lockdown only meant more people were turning to their computers to look at listings and they responded to the demand accordingly.
"We started utilising technology more and launched virtual open homes and were just overwhelmed with the response," Mr O'Connor said. "We had up to 1500 to 1600 people viewing our virtual open homes. They were really well received. From that, we gained some really solid inquiries."
In no time at all, the Ray White team of four were busy with inquiries, one-on-one inspections and eventually selling properties with Mr McBaron saying the business, which opened in William Street in August 2018, is now "looking good".
"We're really starting to see results now," he said. "We're finding a lot more buyers are looking to move this way. And the buyers are genuine, too.
"They come to us pre-approved and financed, wanting to make the move to Raymond Terrace because of the affordability, the flexibility in working from home and that it's a central Hunter location.
"I think what COVID-19 will do is permanently change the way many of us work. A lot more people are going to stay working from home and they want to get out of the big cities. We've had a lot of people inquiring or buying from us from out west, Sydney and the Central Coast."
Mr O'Connor added: "Our biggest problem is a lack of stock. In a roundabout way, with how many buyers we have, now is a great time to sell. Interest from first home buyers is really strong, as well as investors."
Despite a dip in the number of listings made in Port Stephens during the height pandemic, prices remain steady.
"We haven't seen prices drop in Raymond Terrace for 10 years. It won't happen now," Mr O'Connor said.
"If you're thinking about selling your home, now is the time. The demand is there. The rental demand is also hot in Raymond Terrace. There's a really strong need for more rental properties. For investors, rental properties make a great return."
Mr McBaron and O'Connor's advice for anyone in the market to buy is to be prepared.
"Make sure you have your finance sorted. We've seen it too many times that when a buyer finally gets their finance sorted, the home they want is gone and they're broken-hearted. Interest rates are low at the moment, too, which is great for home buyers. Don't wait for prices to drop. Act now."