Cloncurry’s property buyers are moving into the market, with confidence in the town’s ability to stay consistent, regardless of mine activity.
Outback Auctions and Real Estate told The North West Star they were seeing an increase in inquiries to purchase property in Cloncurry and expects the market to continue upwards in the next 12 months.
Sales Agent, Janessa Bidgood, said Cloncurry had a broad range of property types, from acreage to townhouses, all at reasonable prices.
“For a three bed, one bath home on 809 square meter block, buyers are currently looking at around $210,000 - $250,000. The market has been slow in the past few years so the prices are still relatively stable,” she said.
“We are seeing a combination of locals looking to move into their own home, or upgrade to a larger home, as well as several new comers to town who see the value in buying straight away rather than renting for years before hand.
“It is great to see people moving to Cloncurry for a range of different employment opportunities and showing commitment by buying a home.
“There are many younger locals looking to buy their own home, and it is a great time for them to be looking with great income earning potential and affordable prices in the same place.”
In the past three to four years the Cloncurry property market has been on the slower side with scattered sales and a stronger focus on renting houses, but 2019 has already seen an increase in buyer inquiries.
Mrs Bidgood said rentals in Cloncurry are scarce with less then 20 empty properties and a strong application rate continuing.
“There is consistent inquiry for rentals, including several companies. This is great to see as it means companies are supporting ‘living locally’. With the list of available rental properties getting shorter the demand will continue to grow.
“The average price to rent a three bedroom house is between $300 - $350, depending on property features. Properties are staying rented consistently, people are not coming and going in short time frames.”
“Similar to sales, rental prices are not at an all time high, but the majority of properties are staying rented consistently which is just as important to a landlord as a high weekly rent amount. People are not coming and going from Cloncurry in short time frames.”
Mrs Bidgood said locals in their system were moving from renting to buying.
“We have seen a higher level of inquiry in the past month of young local people moving from the rental market into buying.
“They are very specific about their wants and needs and are excited to be buying in Cloncurry and staying long term. We are keen to see this continue this year, as young locals take advantage of the market and the well presented properties on offer.”
Agents are expecting prices to stay where they are for the time being and encouraged interested property buyers to get into the market now.
“Obviously it’s wise to buy when prices are low, and all indicators pointing toward a more active property market, buyers would be smart to make a move now,” Mrs Bidgood said.
“In saying that, it should align with their financial position and they should always buy within their capabilities to ensure long term enjoyment of their new home.
“Once property availability is impacted that’s when we will see potential for prices to rise. We do not expect to see a rapid boom in house sales and prices, rather a steady increase in buyers and decrease in properties on the market. This allows for all buyer levels to still get into the market along the way and is good news for everyone.”