HOT REAL ESTATE: The rural properties in high demand
HOBBY farms on the Northern Rivers are hot property at the moment according to real estate agent Uri Ross.
The demand for rural property is well and truly outstripping supply in the areas he covers, from Jiggi to Blue Knob.
“Coronavirus has made the demand go through the roof for people looking for a hobby farm,” Mr Ross said.
“They want to grow their own fruit and vegetables and have their own cattle.”
Contributing to the high demand has been reluctance from prospective sellers, cautious about moving into a new community due to COVID-19.
He recently sold three properties in Jiggi within weeks of listing them on the market, and after just two inspections each.
“Every agricultural property is in high demand, it’s like 2017 again,” Mr Ross said.
And despite national economic woes, those properties are holding their value.
“I can’t answer for everyone but I’m not seeing any price reductions,” Mr Ross said.
“Places with high rental demand, they might lose value because landlords will lose income.”
He believes the more built up areas may suffer, and the metropolitan property market would be hardest hit as people lose their jobs and rental vacancies increase due to the pandemic.
“It’s possible that may occur within suburbia, within Nimbin village or Lismore Heights, but only the future will be able to tell,” Mr Ross said.
“There are a lot of people who will want to escape the city, where they’re not sharing basements, elevator buttons and door handles.”
The ban on public open homes and on-site auctions will be lifted from this weekend, which could improve things for vendors up and down the coast.
However the relaxation of restrictions is unlikely to affect Mr Ross, who mainly runs private inspections and rarely hosts auctions.
“I don’t do open homes, they just aren’t very successful,” he said.
“We don’t have the population density.”