IT is set to be another big year for the Bathurst property market according to the city’s real estate agents.
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Bathurst performed well in 2017, with more than 860 residential properties sold, while 2016 achieve 993 sales it total.
Bathurst Real Estate principal Mick Whittaker said 2018 has already got off to a good start.
“It has certainly started off quite busy, which is tentatively a good sign,” he said.
“If you take a look at December and January so far, those months have been quite strong, when traditionally December and January aren’t as busy.”
Mr Whittaker said prices should remain competitive, a factor that can drive sales.
“I don’t know that we will see a 12-month period of massive increases, but I don’t think there will be a big fall in prices either,” he said.
Century 21 Bathurst principal Troy Kearney said the local market will benefit from sky-rocketing prices in regional hubs like the Central Coast and Newcastle.
“This has a positive flow-on effect for places like Bathurst,” he said.
“Whilst prices in Newcastle and the Central Coast are becoming out of reach for some, people that may have been considering purchasing there as an option 18 months ago will now look at places like Bathurst.
“Bathurst growth is still steady and consistent and there is a great diversity of properties in different price ranges giving people lots of options for both home owners and investors.”
Mr Kearney said Eglinton is likely to be a booming suburb in 2018, while Raine and Horne Bathurst director Michelle Mackay added there will be demand for homes in the central business district.
In other market predictions, Ms Mackay’s believes that first home buyers will be out in force in 2018.
“They stood back a little bit last year because of the prices, but I think if interest rates stay low we will see first home buyers come back into the market,” she said.
Properties ranging in price from $450,000 to $550,000 are expected to be most in demand.