Merimbula, Tura Beach, Pambula Real Estate Market Update
The Flow on Effect
We are all aware that the housing market has been in growth mode in the major cities of Sydney and Melbourne for a few years now with the media excitedly reporting record prices being reached. That’s been great for vendors in those cities but it has begun to impact on purchasers with prices rising beyond their budgets. So, they have begun to look to other locations and where better than the beautiful sapphire coast? Investors, downsizers and sea changers are showing keen interest in Merimbula, Tura Beach, Pambula and Pambula Beach.
The growth in median sales prices for real estate of 21.6% in Merimbula and 35.4% in Tura Beach over the last 5 years and good performance in Pambula and Pambula Beach bode well. With our second office newly established in Pambula we don’t yet have enough sales data to quote numbers, however strong interest and quick turn over in properties in all these areas shows confidence and a positive direction from buyers. The year has been rewarding with a record price achieved for a unit in Merimbula and highest price yet for a dwelling in Tura Beach. We expect to top last year’s sales with a record number sold for 2017 by the end of the year. Watch this space!
Investors in our Market
Investors are a big part of our market, being highly attracted to the still affordable prices in such a stunning location. With rental yields of 4% to 7.5% return on units here it’s no wonder. We see that one and two bedroom properties perform the best for rental yield and demand. When it comes to capital gains to be had on a property the interest is in the larger properties, in the right location.
It’s so pleasing to see ongoing commitment to improvements in the area, such as upgrades to the airport and Eden wharf, a new shopping centre in Market Street and town by-pass in Merimbula and a possible warehouse style hardware store at Tura Beach. We look forward to meeting new vendors and purchasers alike as the market continues to thrive and people enjoy living on this beautiful piece of coast.