The demand for residential property to buy and rent across Boorowa, Harden and Cootamundra is the strongest in almost two years according to Flemings Property Services.
Managing Director Justin Fleming said first home buyers, investors, downsizers, weekenders and people seeking a lifestyle change are all contributing to an "active" real estate market across the South West Slopes.
"Despite the state of the world at the moment and the uncertainty of what's next, buyers we are dealing with in this area seem determined to get on with satisfying their desire to purchase property in the area for one use or another," he said.
Mr Fleming said while sales halted for a period of five weeks at the height of the pandemic, the normally quieter winter period has seen a surge in transactions and inquiries.
"No one knew what to expect or what the future held and this most definitely, initially, impacted the property industry around here," he said.
"Then our phones started ringing again, inspections were being booked across seven days a week, loans were approved and in many instances we have been able to achieve the asking price for our vendors who have prices their properties accurately.
"Winter is historically our 'quieter' time of the year, however quiet is not how we would describe winter 2020 so far."
Across the company's three offices, there are 35 property transactions going through, ranging from top of the market residential properties in Boorowa at $600,000 - $700,000 to investment properties in Cootamundra for $180,000 to $200,000.
"Over the past four weeks specifically, we have seen a significant uplift in the amount of enquiry and purchasing in all three towns," Mr Fleming said.
While he doesn't have any hard data, Mr Fleming believes the reasons for this upturn include:
- Coronavirus has heightened appreciation for space so we are getting enquiry from the city
- Share prices have been volatile so property currently seems a safer option
- Interest rates are low
- Rental demand remains high so returns are strong
However, as a result of the volume of transactions, Mr Fleming said there is now a lack of available properties on the market.
"Demand is up, supply is down," he said.
While there is uncertainty surrounding COVID-19, Mr Fleming believes the level of enquiry will continue to rise.
"Prospective vendors who are looking at putting their house on the market in Spring may benefit by jumping on the market early while confidence is high," he said.
"It is very difficult to predict what will happen over the next twelve months but this is the state of play right now as far as we are seeing it."
