A NUMBER of local homeowners have been pleasantly surprised recently by the high appraisal they have received on their house.
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One Agency sales agent Ash Smith said the property prices are "insane" and some houses are being sold for up to $50,000 more than first expected.
"To be honest, it's great news for people that are looking to sell," she said.
"Just recently, because there has been limited comparable sales combined with a lack of stock and a huge climb in demand plus you've got all these investors and first home buyers from Sydney coming over that are cashed up, we've been listing things that we think are super-accurate and then they end up going for $30,000, $40,000, $50,000 more just because of the competition between the buyers."
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While good news for home owners, the price rises are making it difficult for local buyers to secure a property of their own.
Ms Smith said it's a little heartbreaking for her to see young local people trying to buy their first home and being priced out by investors.
"I'm a Bathurst girl born and bred, so there's nothing that makes me happier than a young Bathurst person buying their first house," she said.
"So many times they've been priced out because of an investor and $10,000 to an investor is nothing, but $10,000 to a first home buyer is literally everything."
However, for residents looking to sell, the average days on market has dropped significantly as well.
Raine and Horne Bathurst director Grant Maskill-Dowton said they are seeing a lot of sales happening within 24 to 48 hours of the properties hitting the market.
"It's a shock, I think, to a lot of home owners where their prices are sitting at the moment," he said.
"It's just the way the market is. It's exceptionally strong out there and not a lot for sale, so prices are probably exceeding most people's expectations.
"At the moment, we're seeing things that are priced accordingly selling within a couple of weeks."
With COVID causing so much uncertainty, Mr Maskill-Dowton said they are taking things on a day-by-day basis, hoping that the market doesn't go the opposite way.
Real estate agencies have developed videos for potential buyers so they can inspect houses without actually visiting them as a result of COVID.