FOR the first time, the Port Macquarie area has been named among NSW’ top 10 suburbs for first home buyers and is the only suburb outside Sydney to appear in the top performing locations for all buyer groups.
The latest Quarterly Market Update from prop tech firm InfoTrack ranked Port Macquarie in third place for the highest volume of overall sales between 1 July and 30 September.
It was placed sixth among first home buyers for the same period.
Wayne Heilman, Sales Consultant at Harcourts Laurieton, said Sydney buyers are driving much of the region’s current market activity.
“We’re seeing Sydney buyers that are looking to buy now, rent it out and retire here.
“That’s probably the highest number of buyers that I get.
“Quite often they’ll rent them out for a while, or even holiday-let them.
“They can still use them, come and visit, and then the plan is to move into it later on.”
He said retirees tend to have equity in their Sydney homes, giving them flexibility to buy investment properties on the coast.
“But they’re not choosing the traditional investment property based on return, they’re choosing a property based on what they want.
“Then the rent from that will help cover the mortgage.”
He added that cash flow from holiday lets remains “up and down,” but that’s typical for the area.
“We’re retirement-focused – beach, water, lakes, rivers.”
Mr Heilman said first home buyers are still struggling to enter the market.
“First home buyers… I haven’t seen a lot of them,” he said.
“The ones that I have seen are still locals, and they’re struggling because our prices have jumped through the roof, even with the changes to the government’s five percent deposit.”
InfoTrack Chief Operating Officer Lee Bailie, said Port Macquarie’s dual appearance marked an important milestone for the regional market.
“Port Macquarie delivers the kind of coastal lifestyle many buyers are chasing, without compromising on access to schools, hospitals, or transport.
“For many, it’s a more affordable alternative to other premium beachside suburbs.”
He said the area’s strong health, education and transport services, coupled with major development projects currently underway, were helping to drive confidence.
Mr Bailie noted that “Port Macquarie’s debut appearance in the top 10 for first home buyers is also a clear sign that more young buyers are looking to regional centres over metropolitan areas for greater value for money and lifestyle options.”
During the last quarter, Port Macquarie’s median property prices were $900,000 for houses, $590,000 for strata dwellings, and $400,000 for vacant land.
First home buyers paid slightly less on average, with median prices at $800,000 for houses, $570,000 for strata, and $400,000 for land.
By Sis HIGGINS
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