Home owners encouraged to list now

IT'S GONE: David Chapman, from Century 21, with one of the properties sold by the real estate during November, which has been a record sales month. Photo: JACINTA CARROLL

IT'S GONE: David Chapman, from Century 21, with one of the properties sold by the real estate during November, which has been a record sales month. Photo: JACINTA CARROLL

SKY-HIGH property prices in Sydney are driving buyers west, making now the perfect time for residents to list their homes.

It was only on Tuesday that Deputy Labor leader and opposition Planning spokesperson Michael Daley warned Sydneysiders they may soon be unable to afford to live anywhere closer than Lithgow or Bathurst.

Century 21 Bathurst real estate agent David Chapman said there has been an increased demand in properties this year, with more and more Sydney buyers on the hunt.

He regularly studies the figures which review how many properties, both residential and land, are sold over a 12-month period.

These figures show that there were 612 properties sold in 2012, 700 properties in 2013, 687 in 2014 and 728 properties sold in 2015.

With one month still to go in 2016, the number of properties sold in Bathurst is already sitting at 778.

November was also the first time the city surpassed 100 properties sold in a month, breaking the previous record of 88.

“People are being pushed out of Sydney, and it's been the pattern for a good 12 months,” Mr Chapman said.

"At open houses previously made up of local people, it’s now swinging towards Sydney based investors.

“Bathurst, previously a balanced market up until recently, is tipped now towards a vendors market.

“At the moment were seeing a situation where houses are selling at the full asking price because buyers don’t want to miss out.”

It’s a situation other real estate agents in Bathurst can agree upon.

One Agency Bestwick Real Estate’s Mitchell Bestwick said his agency sold 10 properties in November, four of which didn’t even make it on to the market before being sold.

They all sold for “a premium price”.

Mr Bestwick agreed that property prices in Sydney, combined with the low interest rates, are seeing an increased demand in Bathurst homes.

“There is a ripple effect, which is driving a lot of your Sydney buyers out to regional areas,” Mr Bestwick said.

He encouraged residents who have thought of selling to do their research now.

“It is worth a 10 to 15 minute assessment of their property so they can get an up-to-date report of their suburb and they might be pleasantly surprised,” he said.

Raine and Horne Bathurst director Grant Maskill-Dowton said there is a high demand for property right now.

“Whenever there is a lack of properties on the market and there is a high demand, those properties do get snapped up quite quickly,” he said.

Like other agencies, Raine and Horne is also experiencing increased interest from Sydney buyers.

“Whether they’re looking to buy a property to live in or to invest, we’re certainly seeing a ripple effect from the Sydney market,” Mr Maskill-Dowton said.

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