Knowing the true and current value of your home or investment property can be tantalising. The opportunities that start to whirl in your mind are an elixir which points to the potential of your hard work and patience over many years. The local market continues to grow and attract much interest; there’s no doubt it’s timely to update and refresh your understanding of how much your property is worth.
Core Logic, the largest real estate data and analytics company in the world has just released its quarterly report on Australian regional markets for 2016. A total of 752 house were sold in the Bega Valley during that 12 months, a total value of $333, 423,130. On the previous year, the median property value rose by 5.3% to $427,581 in 2016. But already, in May 2017, that figure sits at $499,975 in some parts of the shire.
Looking at our neighbours, the increases regionally are positive and point to a consistent trend across South East NSW. The Snowy Mountains saw the largest local increase in median values up by 9.2%, followed by the Bega Valley 5.3%, the Eurobodalla 5.1%, and Cooma-Monaro up 1.2%.
So if your last property valuation was 12 to 18 months ago, very quickly it’s become out of date. During the past 12 months, properties are also selling quickly. More often than not, Fisk & Nagle has a buyer lined up before the For Sale sign goes up.
A property appraisal costs you nothing but will provide you with the insight to decide whether now is the time to maximise the value of your home and move onto the next stage of your life. It can be an empowering process, whether you use the knowledge you gain now or in 5 years time.
Multiple buyers are arriving from Sydney, Victoria, the Shoalhaven and from within South East NSW. An appraisal of your property now will give you a sense of where you sit in the market, the likely level of interest and direct you towards ideas for your future.
While the median value of a Bega Valley property now sits at $427, 581, Fisk & Nagle is seeing buyer interest across all price brackets, either side of that figure. The market above $600,000 is particularly strong.