The number of properties up for sale in the Shoalhaven has declined significantly in the past 12 months, according to real estate agents.
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While sellers have been the victors for the past 12 months, Patrick Tynan of LJ Hooker Nowra said buyers were making a comeback in the Shoalhaven property market.
“As far as the area we look at, from Gerringong to Sussex Inlet, the number of properties sold this year has declined on past years,” he said.
“In our area numbers are down about 21 per cent on last year. Twelve months ago we were in a sellers market, and now we’re in more of a buyers market.”
Mr Tynan attributed the decline in sales to the ongoing banking royal commission, and tightening of lenders criteria.
“We are finding the financiers are being a bit more critical of lending, particularly for investment properties,” he said.
“The banking royal commission has put some hurdles in place.
“We had a little blip in 2008 with the Global Financial Crisis, and we are finding there’s a similar tightening of the banks due to the royal commission where the market has tapered.”
Despite the decline in properties for sale, Mr Tynan said demand for “the right property” was still strong.
“Unique properties are still finding strong demand, and there are some record prices being recorded this year,” he said.
“The number of multi-million dollar properties sold so far this year has been higher than the last few years.”
Property data, reports and analytics group CoreLogic released its September home value index results this week, which found that overall Australia’s housing values were down 2.7 per cent since peaking in September last year.
The report found regional markets, where housing values have generally been more resilient to falls than in the capital cities, are now showing more challenging conditions. During the September quarter values dropped by -1.3 per cent in regional NSW.
The report predicted dwelling values would drift lower, due to ongoing credit rationing and a slowdown in investment activity.
Madeline Crittenden
Madeline Crittenden is a journalist for Fairfax Media at the South Coast Register.
Madeline Crittenden is a journalist for Fairfax Media at the South Coast Register.
