Red-hot post COVID-19, Goulburn’s property market cooled over 2023 and agents are hoping for a buoyant beginning in 2024.
Ray White Goulburn principal Justin Gay said that in 2022, 500 homes came on to the local market, compared to 360 in 2023. While the first quarter of 2023 favoured sellers, the second and third quarters swung in favour of buyers before the market stabilised in the final quarter.
“We continue to see growth with the appeal of moving south from our cities and enjoying the rewards that our region offers,” Justin said. “This continues to provide Goulburn with a resilient market that has protected us from the highs and lows experienced by our capital cities.
“Goulburn period homes in established streets in our dress circle continue to be sought after and are always well received in our marketplace.”
He said median house prices fell marginally from $672,500 in 2022 to $665,500 in 2023.
Ray White Goulburn is marketing 100 blocks in Teneriffe estate, one of three estates offering available land, and sales have been strong. These blocks are due for completion in June 2024, which should boost the new-build market in the second half of the year.
Raine and Horne principal Zeb Alaia said 2023 had been an eye-opener due to the extent the market slipped on uncertainty over interest rates. “I know the big metropolitan markets Sydney and Canberra did quite well; normally we have a flow-on effect from them but in this case we had only little bits come through,” Zeb said.
Post-COVID, every property was selling for the price vendors wanted. “Fast-forward to now it has completely changed; it has corrected itself completely and come back in terms of median price range. it is probably a sign of things to come,” Zeb said. “I think 2024 might just have a flow-on effect as well.”
Landlords not wanting to increase rents and who then put their properties on the market did not have much success. “We are below the market and still not getting results. It will be quite some time before it improves,” Zeb said.
He hopes the market will at least plateau in 2024. “Prices we have been putting on homes on the market – I have not seen prices this low in a long time and there are not many buyers taking advantage of this which I can understand,” Zeb said.
Real estate principal John Connell said his office was receiving good inquiries for all segments. “Vendors do need to meet reality (with lower prices) in some circumstances, but they will balance that when they buy a new home. It all balances out,” John said.
He hopes interest rates continue to stay on hold in 2024. “People have always got to buy and sell though and we have a lot of land available and being purchased in Goulburn; that will be great for the area – it’s going to be good for the local economy I think,” John said.
Elders Real Estate Goulburn principal Ray Croker began 2023 selling a vacant 20.23-hectare property on St Stephens Road near Pejar Dam at auction where the buyer paid $160,000 above the advertised guide of $960,000.
He said that in following quarters the market softened across the board from residential to rural lifestyle and rural agribusiness sales. “However some of the pricing held firm compared to the previous year,” Ray said.
He said the residential market up to $700,000 and $800,000 was satisfactory. “Once you get over that it is a tightening market with fewer buyers.
“We are expecting (for the start of 2024) more of what we have been experiencing over the last six months,” Ray said. “Vendors are prepared to meet the market to a degree. There will be sales. Overall for Goulburn I would describe it as a stable market, depending on the price point.”