Positive Signs for Port Macquarie Real Estate
Chris Koch, Principal of Laing+Simmons Port Macquarie, spoke recently with Peter Daniels from the Port Macquarie News;
A ring road, infrastructure and road networks to keep pace with growth and capitalising on the planned expansion of Charles Sturt University are on real estate agent Chris Koch’s wish list.
The licensee and principal of Laing+Simmons says Port Macquarie needs to address these issues in combination to further insulate itself against “corrections” in the metropolitan real estate market. He also said Port Macquarie will continue to capitalise on increasing development in residential and commercial real estate sales. With current residential house prices experiencing a correction, Mr Koch described the slight downturn as ‘a speed hump’.
“Residential supply is actually quite good and we do have enough land to continue building, particularly new homes,” Mr Koch said. “You only need to look at the expansion currently underway at Soveriegn Hills – where a new town centre will shortly take shape, Brierley Hill, Ascot Park and Catarina at Lake Cathie. “These areas are seeing many new homes being built. Take a drive out to Beechwood and look at the development taking place right around the local government area. It is impressive.”
Mr Koch said Sydney and Melbourne housing markets were over-inflated with a correction putting downward pressure on pricing. Other factors affecting the metropolitan market included a general tightening of lending from banks who were still reeling from the Royal Commission into banks and banking services, he said.
“Locally, I honestly think this area is getting stronger. Traditionally a downturn in Sydney would result in a change in prices in Port Macquarie in six months’ time. There was a definite flow-on. “But Port Macquarie now has enough local factors to keep our (residential house) prices reasonably stable. “Overall this city is going to go through the roof (in the future), even though you can describe the current market as a bit two-speed.” Mr Koch pointed to a very strong luxury end of the market with waterfront property and luxury high rise accommodation being snapped up.
He said another factor that could cause a ripple of unease across the market was the pending state and federal elections.
The real estate agent said he often looked for key pointers happening behind the scenes as a gauge to the future. “We have Bunnings building their biggest store in the southern hemisphere outside a metropolitan area, Charles Sturt University has just announced a major initiative involving more construction, while several developers are land banking sites for future development,” he said. “CSU’s population is set to explode with triple the student numbers estimated once these developments are complete. These students and their teachers will need accommodation whilst there will be plenty of work during the construction phase also. “Obviously we will need more accommodation for these students whilst we are currently starved for high rise complexes. “No doubt there are developers already looking at these two areas for future growth opportunities.”
And while development will surely happen, Mr Koch also called on council and state and federal government to band together to provide funding to ensure services maintained pace with growth. “Issues like the ring road or punching a road from the southern end of the industrial area through to Kingfisher Road to ease congestion on Lake Road should be happening. “These projects will only cost more in the future if they are not addressed and commenced now,” he said.
Original article – Port Macquarie News https://www.portnews.com.au/story/5743009/primed-to-go-real-estate-agent-eyes-boom-times/