The Port Macquarie property market, following the end of the pandemic, is witnessing an upward trend in demand for houses and units. Recent data indicates a dynamic market, with the median property price for units at $585,000, showing an annual capital growth of 1.74%. Over the past 12 months, there have been 314 unit sales, with units typically spending 39 days on the market.
While the rental yields are currently 4.21%, they are expected to rise by the end of this year. The currency fluctuations and the Reserve Bank of Australia’s challenges in stabilizing the dollar are impacting the market, but this hasn’t dampened the growing interest in Port Macquarie’s property sector.
Price growth in the coming years
Last year, Port Macquarie saw significant activity with at least 750 houses sold, indicating a robust market since the downturn. The suburb’s annual growth rate is 22.9%, which is expected to continue improving. Although the rental yield is lower compared to 2021, it shows signs of improvement.
The demand for housing in Port Macquarie has risen by 1.14% in the last year, outperforming many towns in Melbourne. This growth is anticipated to increase by 5% by the end of 2023, generating optimism among residents and investors.
Port Macquarie property prices in the past year
Port Macquarie Property Prices in the Past Year
Like the rest of the country, Port Macquarie experienced challenges in the property market. Initially, property prices slowed down gradually but then faced a significant drop.
In the first quarter of the past year, property prices in Port Macquarie dipped below average, reflecting a broader trend seen across the Australian property market, which saw a decline in demand by over 6%. This pattern was evident in January 2023 across various areas in Australia.
Despite these challenges, the current state of the Port Macquarie property market shows signs of recovery and growth, providing a more optimistic outlook for investors.
However, the shift from being one of the most affordable towns in Australia to its current state indicates significant changes over the past two years.
Are prospective buyers ready to invest in Port Macquarie
Not all prospective purchasers are eager to make an investment in Port Macquarie. The primary reason is the current trend in the property market.
But for the past six months, the Port Macquarie property market saw a rise in demand because of its ideal location. Its closeness with the capital town makes it the favourite of prospective buyers even in the current conditions.
Prospective buyers have been paying enormous amounts for the last year. Some have even left the business. But the current condition of the market gave hope to these investors.
Port Macquarie might be the dream town for many investors in the future. The quarterly unit growth in Port Macquarie is rising at 2.9%.
Reasons for demand in Port Macquarie housing
There are several reasons that make Port Macquarie the best for investors.
The town of Port Macquarie boasts an ideal location, offering convenient access to both a beach and the sea, which is highly sought after by those who enjoy spending time with their families in a beautiful coastal setting.
Furthermore, the town’s modern and simple lifestyle is a significant factor contributing to the growing demand for housing in Port Macquarie.
People are drawn to this lifestyle, and the demand for homes in the area continues to rise.
Moreover, one more reason is the closeness of this town to Victoria. Port Macquarie becomes the centre of attention this way as you find almost everything in its surrounding.
The job opportunities in this town are also rising, which makes it the perfect spot for newcomers in Australia. There are endless reasons for the rising demand in Port Macquarie.
However, the possibility of the real estate market declining once more remains unchanged. No beaches or job opportunities can stop this downfall. The entire economic sector must create a good surety by helping the currency.
