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Published on August 21st, 2014

STATE OF THE MARKET – Bega, August 2014

Bega has experienced resurgence over the last 12 months; the construction of the new hospital has seen a noticeable increase in investor activity and a corresponding drop in days on market and increase in lower end prices as a result.

 Generally speaking the sub $280,000 market has seen an improvement in price of around 10% in the last 12 months; the closer properties get to $300,000 the less this improvement is. At the low $300,000 price point the increase in price hasn’t been seen, but the days on market have dramatically fallen. A lot of this demand is from investors who have entered the market, buoyed by strong rental returns due to strong demand associated with the construction of the new Regional Hospital.

 As older properties move into the mid and high $300,000 mark there is smaller number of buyers and generally we see competition from new homes or house and land packages in newer areas like Glen Mia. 


Median Prices by month

 

Period

Median Price Year 2012

Median Price Year 2013

Median Price Year 2014

January

$292,000

$272,000

$255,000

February

$275,000

$246,000

$232,500

March

$259,400

$265,000

$330,000

April

$320,000

$260,000

$272,500

May

$267,000

$272,500

$302,500

June

$265,500

$240,000

$250,000

July

$270,000

$247,000

$0

August

$268,000

$230,000

$0

September

$198,483

$270,000

$0

October

$235,000

$327,000

$0

November

$244,000

$267,500

$0

December

$267,000

$232,000

$0

RPdata 21 August 2014


House sales by price – last 12 months

Bega

Price

Number

0 – 100k

1

101 -150k

0

151 – 200k

4

201 – 250k

21

251 – 300k

12

301 – 400k

19

401 – 500k

2

501 – 600k

1

601 – 750k

0

751 – 1m

0

> 1m – 1.25m

0

1.25m+

0

RPdata 21 August 2014

House sales per annum 

Bega

Period

Number

2014

33

2013

70

2012

70

2011

59

2010

78

2009

101

2008

71

2007

94

2006

79

2005

68

RPdata 21 August 2014

House sales per annum have been consistent over the last 2 years, after a dramatic drop in 2011. Low demand for residential property caused the drop in sales at the time; sales haven’t hit the previous highs at this stage due to a lower level of supply. Demand for new listings is certainly evident, especially in the sub $300,000 market.


What does all this mean?
If you are looking to upgrade your home from something that would fall into the high $200,000 to low $300,000 price points and into something in the high $300,000,  low $400,000 or move onto some acreage just out of town, now is a great time to explore that option. Your home has seen a nice increase in price and there is strong demand for homes around the $300,000 mark; whilst the home you will be moving to, won’t have seen that dramatic price improvement yet. As we get closer to the hospital being completed, we expect that the more expensive homes will become more popular as the buyer market shifts from being investor driven to owner occupier driven, based on new health professionals moving into the area and retirees moving to the area who are attracted by the security the new hospital offers.

If you would like an obligation free appraisal of your home, please don’t hesitate to give either Rod or Dave a call.

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