Market Update – January/February 2022

Jacob Evans:

Hi. You’re with Jacob Evans from Peter Fisher Real Estate. I’m just here to give you a bit of an update about the early indications of what we’re seeing within the market at the start of this year.

So far this year, we’ve seen the market strengthen. Early January was a little bit steadier as people were still into holiday mode, and the market has gradually increased through into February. Overall, there’s been an increase in the number investor activity. Some of that has been from local investors, but we’ve also had many investors from further afield.

The investor activity has been very strong as a result of the confidence within the real estate market and also being buoyed by the really strong rental demand. Orange has had exceptionally low vacancy rates, consistently below 1% for an extended period. Now, Orange isn’t alone with the national vacancy rates being at record lows. Since Domain started keeping statistics in 2017, this is the lowest that they’ve ever been at 1.3% of vacancy rate.

The strong rental demand is continuing to push the market forward. I’m sure most of you would remember that it wasn’t that many years ago where it was exceptionally rare to see a property sell for more than $1 million in Orange. Over December and January, we’ve seen 10 properties sell for more than $1 million. That includes one property that was a three bedroom home in central Orange that sold for $1.6 million.

The good news for buyers is that there is still a strong and steady number of properties coming onto the market. We know that buyers are finding it tough, and there appears to be a shortage of stock. But interestingly from December and January this year, we have actually listed more properties than we did last year. The main difference that we’re seeing in the market is that we’re still seeing exceptionally short days on market, so the perception there from a buyer is that there’s less properties for them to be able to buy.

I certainly know within our office we have a number of exciting listings that we are preparing to go to market. We’ve got some great residential properties coming up and even 100 acres right on the edge of town.

On an exciting note, Peter Fisher is now entering its 50th year in business. This is an outstanding milestone, and we look forward to being able to celebrate this with many of our clients throughout the year. So please keep your eyes peeled for some of our exciting events we have coming up.

We are very proud to have recently achieved six awards as voted by Rate My Agent, which is a Testament to what we have achieved over the last 12 months. As always, if you have any questions at all, please feel free to reach out, give us a call in our office, and we’ll do whatever we can to assist you.

We hope you’ve enjoyed our market update and found it informative.

If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.

We would love to hear from you!