Bathurst, NSW Local downsizers and Sydney investors are set to drive up demand for Bathurst real estate this spring, according to global real estate group, Raine & Horne.
Angus Raine, Executive Chairman, Raine & Horne said, “Investors continue to recognise that regional cities such as Bathurst offer excellent affordability and investment yields compared to the capital city markets.
“Better still Bathurst is within four hours of Sydney and along with having a relatively low vacancy rate of 3% makes for the ideal place to invest now and in the future.”
Bathurst’s median real estate price of $380,000 is significantly below the Sydney median, while rental returns between 4-5% compare favourably against returns generated by investment properties in the capital city.
“Robust population and services hubs such as Bathurst appeal to investors because they can deliver quality healthcare facilities, employment, diverse economies, and comfortable and affordable lifestyles,” said Mr Raine.
Local downsizers warming into spring
The arrival of Spring has bought more buyers out of the woodwork, including local downsizers, according to Michelle Mackay, Co-Principal, Raine & Horne Bathurst.
Ms Mackay said, “Local downsizers are moving out of family homes and into three-bedroom apartments with double garages in the Bathurst CBD.
“These newer apartments are valued between $460,000- $500,000. The trouble is that we don’t have a lot of this stock available for sale this spring, while older 2-bedroom apartments are selling for about $350,000.”
Ms Mackay said the drought has also encouraged some older people to leave the land behind and move into town.
“The only Sydney buyers we’re seeing are investors who like the fact they can get 4% yields in Bathurst,” she added.