Spotlight On The Market | August 2018
Safe as Houses
With the Sydney market going from nuts to normal, media outlets have not missed the opportunity to catastrophise – but it is a reasonable premature call and the factors that insulate our region from the extremely high market are the same ones that kick in to protect us from the ceiling that has been hit in the capital. House prices are simply the best that they have ever been.
The artisan community, high-quality produce, and just the ease of the landscape and the lifestyle continues to draw buyers to the area. Desirability is a trend that we can rely on to keep housing prices safe and stable, and data from the NSW Government’s North Coast Regional Plan 2036 confirms that we will have enough pressure on supply to keep value in current housing stock, while also increasing the need for diverse housing, especially affordable housing, which helps to retain the spirit and sense of community in our towns.
Here are the predicted growth levels in terms of the number of dwellings from the Plan and what that means in terms of the additional dwelling supply, needed to accommodate growth. We’ve also included a growth percentage to compare the scale of the growth.
Even over 20 years, these are high levels of growth and in order to deal with the supply shortage, the planning bodies have recommended that targets be put in place for new dwellings to be in the form of medium and high-density accommodation, such as apartments and townhouses.
With an ageing population and a need for more affordable housing in the region, this type of accommodation will be particularly helpful in order to accommodate the range of needs within our community. With downsizing options becoming available, particularly in the form of aged care facilities, it frees up housing stock and provides an opportunity for the marketplace to compete and pass on the baton of ownership.