DUE to a low supply of listings over the spring period, Swan Hill’s real estate market saw property prices rise due to a more competitive market.
Ray White principal Cameron Smits said a number of sales over spring sold above the asking price due to buyers competing with one another for the same property.
“The start of spring was discernibly slower than in previous years because it was cold and wet. However, the second half of spring made up for lost ground,” Mr Smit said.
“This is largely due to the drop in listings which creates a supply and demand imbalance.
“As such, property values are moving higher albeit marginally.”
Noel Watson Real Estate director Noel Watson said the property market tends to follow the farming cycle and this year was inexplicitly linked to it.
“Because of the rain, it delayed the harvest in people’s minds and the same thing applies to real estate,” Mr Watson said.
“We found we could not get properties listed; in fact all of the real estates agents did.
“That has tended to seemingly exacerbate the situation because the astute buyer is jumping into the property market and buying within a week of the property listed.”
Wood and Co director Brian Wood agreed the low supply of new listings and growing demand buoyed by low interest rates kept prices strong but the overall spring market remained strong despite the weather.
For more on this story pick up a copy of Fridays Guardian (December, 16)
