Matt Humphreys from Border Property Exchange says the housing market in Corowa is strong, being led by outside investors.
Investment buyers are driving the real estate market in Corowa, with buyers from Sydney, Canberra and Victoria helping to push house prices up in the current market.
Hold tight - we’re checking permissions before loading more content
Higher land taxes and stamp duty in Victoria is pushing owners across the border, while in Sydney and Canberra investors are looking to the country for more affordable properties to bolster their portfolios.
Border Property Exchange’s Matt Humphreys said they’d been kept busy with a lot of buyers and buyer’s agents now looking at houses via video link and offers coming in straight away.
The current market means more properties are becoming available to rent, though local buyers are sometimes losing out to investors.
“There’s plenty of supply, but demand is definitely there and that's driven prices up,” Matt said.
“We’re seeing the majority of growth in the $420,000 to $510,000 range.
“I wouldn't say there’s a rental shortage in Corowa, but a lot of people are still looking.
“Because the market has shot up in Albury, investors are coming downstream and buying in Corowa.”
Deb Pascoe from Corowa Rutherglen Real Estate has seen more buyer’s agents than before and says investors from Sydney have been on the rise. Her son Tyson manages rentals.
Deb Pascoe from Corowa Rutherglen Real Estate has also seen a rise in investors purchasing in Corowa via buyer’s agents and said that while the recent closure of Corowa Golf Club had a significant impact locally, the investor market is still strong.
“At the moment there's a lot of Sydney investors floating around with specific requirements,” Deb said.
“There are a lot of buyer’s agents around, which I haven’t had to deal with before in 15 years in real estate.
“The impact from the golf club is an unknown; people were selling after the announcement of the closure, but they had genuine reasons.
“The market's still strong, it's still moving ahead.”
According to Matt Humphreys people’s mentality towards work and real estate had changed a lot since Covid and that was freeing up the market and dictating where people buy.
“During covid no one really wanted to move, they just sat still,” Matt said.
“Now, people have started opening up and relocating for jobs; there’s still a lot of work around.
“A lot of people are coming back this way too, particularly first-time buyers that can't afford the cities.
“They're offering asking or over asking prices and it has driven (the market) right up.”
20°C