ONE of city's most successful real estate agents is predicting another spike in Bathurst's already-inflated property prices.
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Property prices in Bathurst have skyrocketed in the last 12 months, with Core Logic data showing the median house price increased 20.25 per cent between July 2020 and June 2021.
That's well above the typical growth rate, as is a more modest growth estimate from Raine and Horne Bathurst director Grant Maskill-Dowton.
"The average growth in Bathurst has always been 2.5 to three per cent per annum. Certainly from our perspective, we started to notice an increase towards the end of last year, but I really have to say it's probably been in the last seven months, since February; we've really noticed a huge spike since then," he said.
"I think I worked out, across the board from our point of view, we've seen between a 13 to 15 per cent rise since February this year. It's huge."
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He said there is a long list of factors pushing prices up.
Low interest rates and people relocating from metropolitan NSW have been driving the market, and Mr Maskill-Dowton noted that, contrary to expectations, people are investing in real estate during the pandemic.
Bathurst has also suffered a land shortage, creating more competition for what few houses are on the market.
"Lack of land for sale has really tightened the market, tighter than I've ever seen it. In the 20 years I've done this I've never seen it as tight as it is," Mr Maskill-Dowton said.
"Total lack of land on the market has caused supply and demand issues unlike we've ever seen before and that then has driven the market up to a whole new level again."
Unfortunately for buyers, house prices are unlikely to return to what they were.
"If I was to predict anything, I think we'll see another spike, to go up again progressively," Mr Maskill-Dowton said.
"I feel that when lockdown is lifted and metropolitan people can get out here again easily that we'll see more of an influx of those buyers trying to get out here, but we still won't have the stock levels to support it, so therefore it will drive prices even a little bit further.
"As for a drop in the market when things start to settle down, I don't really see that we are going to come back.
"There will obviously have to be a plateau in the market, we can't keep sustaining growth like that, no where can, but we've set such a benchmark in pricing that I think it's almost - and nothing is impossible - in my opinion, it's almost an impossibility to see prices come back from where they are now."
David Chapman of Agent Chapman Real Estate, who has seen a 19.5 per cent increase in his average sales price in the last three months, agrees.
"Whilst ever we have a drought, a lack of stock, a lack of properties to sell, the only result in that is going to be high prices because the number of buyers looking is outstripping properties. I certainly don't see that changing. I think that's going to be the case certainly for the next 12 months," he said.
Days on market have also dropped in Bathurst and Mr Chapman said he is witnessing people "panic buying".
"The high prices are being maintained because there's a lot of buyers and not much stock to choose from, and I'm seeing first-hand there's panic buying going on out there," he said.
"People are afraid that they're going to miss the boat, realising prices are not going to drop anytime soon."
Buyers trying to get a home are encouraged to get their finance in order and pre-register interest with agents to increase their chances of securing a home.
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