Known for its pristine beaches, abundant marine life and laid-back lifestyle, Nelson Bay has long been a popular destination for tourists and sea-changers alike. With so many drawcards and benefits of living in such a popular area, what trends do we think that we will see with regards to the property market in Nelson Bay in 2023?
Let’s take a look at the current real estate market in the local region and what this indicates about the near future of real estate in Nelson Bay.
Buying A Home in Nelson Bay
If you're considering buying a home in Nelson Bay, you should know that the local property market has been showing signs of steady growth. Over the past few years, property values in the area have been on the rise, with many experts predicting that this trend will continue into 2023.
According to recent data, the median price in Nelson Bay is currently $985,000 for houses and $665,000 for units. While this may seem high to some buyers who are after a freestanding home, the area offers a range of housing options, from modest apartments to luxurious waterfront homes. So, whether you're a first-time buyer or a seasoned property investor, there’s opportunity to purchase in the area.
Working with a local real estate agency can provide you with valuable insights into the current market conditions, as well as help you find properties that match your needs and budget.
Once we have a good idea of what you are interested in we can assist you where possible with the following:
- Access to properties: We have access to a wide range of properties that are listed on the market, including those that may not be publicly listed.
- Market expertise: Our agents have in-depth knowledge of the local market, including current market conditions, price trends and the characteristics of different neighbourhoods.
Selling Your Home in Nelson Bay
If you're thinking of selling your home in Nelson Bay, you'll be pleased to learn that the local property market is currently in favour of sellers. With low inventory levels and high demand, many properties are selling relatively quickly and for a good price.
However, the market is highly competitive, which means sellers need to be strategic in order to get the best possible price for their property in this scenario. This includes working with a trusted real estate agent who can help you market your property effectively and negotiate with potential buyers on your behalf. Working with a local, experienced real estate agent means that you will be in a great position and benefit from the following:
- Pricing expertise: We’ll help you price your property appropriately based on market trends, competition and other factors.
- Marketing support: Our agency can market your property effectively through advertising, open houses and other means.
- Negotiation skills: An agent will negotiate with potential buyers on your behalf, helping you get the best possible price for your property.
- Coordination: We can manage the many details involved in selling a property, including inspections, paperwork and closing.
We often recommend preparing your property for sale by ensuring it’s presented in the best possible light by making minor repairs and staging your property by minimising any clutter to help your property look its best.
In a seller’s market like we are experiencing currently, we generally do not recommend investing in major renovations before selling, as your ROI and the time spent completing this is not as viable.
Renting Your Nelson Bay Property
With the local tourism industry expected to rebound after the Covid-19 pandemic, demand for short-term rental properties is likely to increase, and there’s also a strong demand for long-term rental properties in the area.
With more people looking to make a sea-change and move to coastal areas of NSW, landlords can expect to receive a steady stream of enquiries from potential tenants.
If you're considering renting out your property in Nelson Bay, we can help you find and screen large numbers of potential tenants to ensure that your property is tenanted quickly and to a suitable family.
We can also assist with maintenance and repairs when needed and ensure your property is always in compliance with local regulations. When you leave your property in our hands you can have the confidence that we will keep on top of it’s needs and keep communication open between all parties.
Do you have any further questions about the local real estate and your prospects as a seller, buyer, or tenant? Please get in touch with our team today.