The affordability of housing and a more relaxed lifestyle in Cooma is attracting the interest of major city buyers who have been priced out of their local area, but can afford to cherry pick the NSW regional market.
According to a recent report in The Daily Telegraph the Sydney property clock is at the top of the price cycle. “Valuers Herron Todd White have warned that Sydney’s property boom is into its dying stages, with a national property clock showing prices have peaked and may soon fall.”
The median Sydney house price has risen by $200,000 in just 3 years to $786,000 in the first quarter of this year. Realestate.com.au lists the average Cooma price at just $240,000 meaning affordability is now helping to drive the area’s housing market.
And it’s not just home buyers looking for a better deal . With the Monaro an “underperformer” in terms of the NSW market overall, that affordability and a higher rental yield of up to 6.8% compared to Sydney’s 3.9%, is catching the eyes of investors as well. Capital growth in the area is set to increase while investments in Sydney sit at the “top of the clock”.
There’s also a knock on effect in the real estate cycle with Sydney nearing its peak and an expected “flattening” of the market. In Cooma, the property market cycle is on the way up. In fact, it’s just come through the bottom of the curve, past the last peak and prices are on the rise.
The local market is being driven by so called “ripple effect” purchasers. A buyer who can’t afford Sydney prices moves to Canberra, pushing a Canberra buyer further south to Cooma. Of course, tree changers have always been attracted to the area, but now even moreso because they are able to get a lot more “bang for their buck” after selling the family home in the city.
Seller, buyer or investor it’s a good time to get into the market, upgrade your home or find a great investment property in Cooma. Give the team at Fisk and Nagle First Choice a call on 02 6452 4043.
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