Buyers Must Be Prepared: Ray White Emms Mooney

Ray White Emms Mooney Residential Sales Manager Adam Gambrill says buyers in the current real estate market must have their finances in order, or risk missing out.

It comes as the real estate market in Cowra faces the highest demand its seen in living memory, which has created more demand than supply, and an inflation in property value and competition between buyers. Mr Gambrill said property values in Cowra have increased more in the last 12 months than what he had ever seen before, and record low interest rates had attracted more buyers to the market.

He said is was more important now than ever in Cowra for buyers to have pre-ap-proved finance, to put themselves above their competition in the market.

“Buyers need to have their finance organised and a conveyancer ready to go,” he said.

“They need to be prepared and be able to act on a property straight away.”

Mr Gambrill said it had been a mix of locals entering the market, as well as people from Sydney and other higher population centres looking for a lifestyle change.

“We’ve seen double the number of out of town buyers than this time a year ago, and it’s been driven by the COVID-19 pandemic. People have been looking to decentralise and escape the city for the better lifestyle in the country,” he said.

With demand outweighing supply in local real estate, Mr Gambrill said it was a great time for prospective sellers to enter the market straight away.

He said the market was so strong at the moment it was determining property values itself, to as much as an 8% increase in residential properties than pre-COVID-19. “Cowra has never been an auction-oriented town, but sellers should seriously consider this to maximise their sale price,” he said.

“They shouldn’t be setting ceiling prices at the moment, but allow the market to set the value, and see what’s out there. It’s an auction or priceless market right now.”

Mr Gambrill said the rental market was behaving similarly at the moment, which he said was a positive for Cowra, bringing in more people from out of town.

• Topics:
• Real Estate