Local Real Estate Market Drops But Still Better Than Pre-COVID

Raine & Horne Cowra Principal David Fagan says the local real estate market is still better than pre-COVID, despite property prices falling in recent months. Mr Fagan said property prices in Cowra had dropped approximately 7%, and were taking longer to sell, but he said there was still great value in the local market.

“There are still enough investors in Cowra to keep the prices steady,” he said. “Investors in Cowra are seeing an average of a 5% return, whereas in Sydney it’s only 2.5% to 3%.”

“Investors are still looking at Cowra because they can buy three properties here for the price of one in Sydney, and get a better return.”

“Property prices in Sydney have dropped from 10% to 15%.”

Mr Fagan said interest rate hikes and the rising cost of living had made buyers more cautious, which meant there were less buyers in the market, which had af-fected local property prices.

He said earlier this year, prior to interest rate rises, they were more buyers than properties available, however this had now turned.

He said in February there were around 20 properties in Cowra for sale, but this was now 60-70.

“COVID was very kind to the real estate industry, and very kind to country towns, with people relocating from the city to the country,” he said.

“Now is still better than pre-COVID, and there is still great value for money in Cowra.”

“Cowra is a very attractive place to live, many people come and like the area so then choose to relocate here for the great life style.”

• Topics:
• Real Estate