Commentary by Lucas Wilson.
Scour the media any day at present and you don’t have to look far to find extremely pessimistic property market price forecasts due to the current climate and subsequent economic factors.
I’m no economist, however an important point to remember is one made regularly by leading Australian property analyst Terry Ryder, who emphasizes that Australia is not one property market, there are hundreds/thousands of individual markets all with their own impacting factors.
There are markets relying on tourism, hospitality and holiday rental income. There are markets that have been boosted in recent years on the back of foreign investment. These are two examples whose prices could be severely impacted by the current climate, as buyer demand dries up while supply of properties on the market could rise due to economic strain on property owners.
The Warrnambool & District property market doesn’t rely largely on either of these two examples of factors. Here at Wilsons, we are seeing demand outstrip supply on many properties – and when a well-priced property is presented to market, there is often multiple interest, and excellent results achieved for sellers – and no signs of easing prices from our sample size of sales. Many potential sellers, on the back of generic, macro economic commentary may be sitting back and waiting to see what happens, when this may not necessarily be the wisest choice, if looking solely at price data, where our local market is concerned.
Below is a sample of buyers ready to buy NOW – in the current climate:
(These buyers all appear on our PROPERTIES WANTED page. If you’d like us to actively search for a property on your behalf, let us know your requirements and we will get to work for you. Email email@example.com or (03) 55612777 with your requirements).
Darren and his family are ready to buy and are looking to get into something in Central or South Warrnambool. Budget is 450-500k, would also look around the Birdwood/Wildwood/McConnell Street area. Happy to renovate. If your property may suit, please phone Lucas on (03) 55612777.
Nicole is looking for a unit in Warrnambool up to $250,000. Can be either 2 or 3 bedrooms and she isn’t afraid of some cosmetic work. Preferably in the East or North parts of Warrnambool, but will look at anything within her price range. If you have anything that may suit, please give Emilee a call on (03) 5561 2777.
LARGE BLOCK WITH HOUSE IN WARRNAMBOOL
Jenny has sold her farm and is looking for a 3-4 bedroom home in Warrnambool. Her budget is $600k-$700k for the right property. Her requirements are as follows; ensuite in main bedroom, minimum 1000m2 block and a shed (3.5m high) or space to build one. Please call Ashley (03) 55612777 if you can help!
KOROIT/ MAILORS FLAT/ GRASSMERE/ WOODFORD
-Michael and Jennifer are looking for a modern or renovated house on up to 1 acre on the outskirts of Koroit through to Woodford. They would like a minimum of 3 bedrooms, 2 living areas, double garage and large shed. Up to $450,000 for the right property.
– Ross and Maree’s teenagers are growing so they are looking to upsize, similar locations, up to 5 acres, up to $550,000. If your place may suit either of these, please call Ian on 55612777 if you can help.
For want of a better, attention-seeking headline, we have recently sold a couple of very run-down, “renovators delight”, country properties either side of the $100,000 price bracket, and been inundated with enquiries from buyers looking for a project. If you have a property needing work and didn’t think you’d be able to sell ‘as-is’, and/or are sick of paying for rates and maintenance, phone Wilsons on (03) 55612777 and you may well be surprised!
CAN YOU HELP PETER? UP TO 850k
Peter is looking to retire into a modern home in Warrnambool. He would like something with a double garage and a large shed to accommodate multiple vehicles. Can spend up to $850,000. Please phone Ashley on (03) 55612777.
TOM WANTS A FIXER UPPER!
Tom is looking to renovate and can spend $150,000-$200,000. Not fussy on location in the district but would like a few bedrooms and some land if possible. If you can help Tom kickstart his next project? Please call Wilsons (03) 5561 2777.
WANTED: INVESTMENT PROPERTY
A local business owner is looking for his next investment. It could be residential or more likely commercial, around $500k-$550k with 8% return. If you know of a property that may suit, please call Wilsons on (03) 55612777.
We are successfully selling despite the covid-19 pandemic, and as always offer a totally risk-free, no sale no charge, smarter sale strategy. Wilsons have always been your private sale, private inspection specialists.