Demand for Bathurst increasing
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Sep 25, 2018
Demand for Bathurst increasing
Angus Raine and Michelle Mackay of Raine & Horne discuss real estate in Bathurst and the regions.
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Image supplied by Raine & Horne169 Havannah Street, Bathurst for sale by Natalie Moase of Raine & Horne, as featured on The Home Page
Local downsizers and Sydney investors are set to drive up demand for Bathurst real estate this spring, according to global real estate group, Raine & Horne.
Angus Raine, executive chairman, Raine & Horne said, “Sydney investors continue to recognise that towns such as Bathurst offer excellent affordability and investment yields compared to the capital city markets.
“Bathurst’s median real estate price of $380,000 is significantly below the Sydney median, while rental returns between 4-5 per cent compare favourably against those generated by investment properties in the capital city.
According to the CoreLogic Housing Affordability Report, the median dwelling price in June 2018 for regional NSW was $450,000 compared to $845,000 in Sydney.
The statistics show in Bathurst, it would take 7.8 years to save a 20 per cent deposit based on saving 15 per cent of household income, whereas in Sydney it would take 12.1 years.
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“Robust population and services hubs such as Bathurst appeal to investors because they can deliver quality healthcare facilities, employment, diverse economies, and comfortable and affordable lifestyles,” said Mr Raine.
169 Havannah Street, Bathurst for sale by Natalie Moase of Raine & Horne, as seen on The Home Page
Michelle Mackay, co-principal of Raine & Horne Bathurst said, “Local downsizers are moving out of family homes and into three-bedroom apartments with double garages in the Bathurst CBD”.
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“These newer apartments are valued between $460,000- $500,000.
Ms Mackay said the drought has also encouraged some older people to leave the land behind and move into town.
“The only Sydney buyers we’re seeing are investors who like the fact they can get 4 per cent yields in Bathurst,” she added.
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