I recently received some statistical information on land sales via another reputable mortgage broker in Port Macquarie. He had been able to access some meaningful data on quarter by quarter land sales in the Hastings shire for the last three years from quarter one (Q1) 2015 to quarter three (Q3) 2018. The information source being Herron Todd White – Property Valuers & Advisory Services.
The information is segmented into regions within the shire and I’ve selected the important data below to illustrate the trend:-
The figures demonstrate the trend quite clearly and reflects slowing demand, which may have been impacted in part by the NSW Government’s removal of stamp duty on existing homes for first home buyers back in 2016/2017, accounting for some of the drop off in land sales. Those potential buyers then choosing to purchase an existing preowned home. Further tightening credit conditions for borrowers, particularly around residential investment lending , would also be influencing the property market overall. The development of residential land in the Hastings was running at a reasonably fast pace back in 2014/2015 . As with all industries moving through cycles, often at an easing position, quality of service delivery & product comes to the forefront as providers compete for the discerning purchaser.
The value of good advice can not be overstated when looking at the subject of this article. At COMPASS we deliver that good advice.
If you have any questions please contact Michael on 02 6583 2211.