Buying frenzy keeps buzzing

THE house buying frenzy in Wangaratta is continuing with first home buyers and investors cashing in on record high prices in the rural city. Morris Bros Real Estate property development manager Rob Bell said all types of properties are changing hands including lifestyle properties that remain in strong demand, with many local buyers and around 20 per cent from metro or interstate. He said residential properties continue to have good interest and attract multiple buyers and offers exceeding expectations. "A lot of first home buyers who have renovated their first property are cashing in on the higher property prices and selling," Mr Bell said. "There are also old school investors who are savvy with the market conditions and want to move away from the recent rental reforms and off load investments in the higher market conditions." Mr Bell said this has contributed towards the lack of rental accommodation over the past year. He said with rural land prices on the rise this hasn't ruled out farmers selling rural and lifestyle properties and looking to downsize onto a town block as well. While some property commentators have predicted a fall in property prices off the back of expected interest rate rises, Mr Bell believes that it's more likely that prices stabilise rather than fall. "If you look at the trends of the real estate market, on average every 10 years we experience a property boom in prices," he said. "The COVID–19 pandemic has contributed to this current property boom, with a shift in population movements, and as people work out what they really feel is important to them. "Based on our years of experience, it is very unlikely that property prices will plummet and in the event of an interest rate rise it will likely stabilise the property prices and slow down the current buyer frenzy. "Instead of a property being sold within 48 hours, which is what is currently happening, in might take two to four weeks to sell your property which was the case prior to the pandemic." Joe McKenzie from Nutrien Harcourts gave examples of their sales in the last quarter which indicate how much house prices have risen in the Wangaratta district over the last few years. "301 Boggy Creek Road Moyhu, 507 acres, sold for $5.450 million (last sold in 2014 $1.35m)," he said. "66 Londrigan Tarrawingee Road, 220 acres, sold for $3m (last sold in 2016 $1.075m). "2/50 Vincent Road, Wangaratta, 351 m2, sold for $375,000 (last sold in 2020 for $279,000). "9 Braithwaite Street, Wangaratta, 760 m2, sold for $625,000 (last sold in 2011 for $268,500)."

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