Local property market update: Despite the floods, the outlook for 2023 is positive
The River Murray floods have failed to put a dent in the Murraylands’ property market, the team at Raine and Horne say – in fact, if anything, interest levels are up.
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How have the floods impacted the Murraylands’ property market?
Not in any significant way, senior property consultant Michael Cox says.
Despite the images of flooded pastures, sandbags and earthworks being shown around Australia, he said demand had remained amazingly strong.
“There’s no fear (among buyers),” he said.
“The market is still amazing.”
What’s the outlook for sellers in 2023?
Property consultant Casey DeMichele said there had been a lot of activity on the market in the first few weeks of 2023 – “things are moving really well”.
If anything, Michael suggested, the influx of traffic from out-of-towners coming to look at the floods might actually increase the level of interest in local property.
“Some people are saying that things have got to go backwards … but everything is indicating that the market is going to continue to grow and prices are going to continue to grow,” he said.
“Murray Bridge is that place people don’t necessarily visit very often, but they’re coming here and going ‘wow, things have really changed, it looks really good’.
“There’s plenty of positivity out there.”
What’s the outlook for buyers?
The number-one tip for buyers, Casey said, was to be prepared.
“Make sure all your ducks are in a row: you’ve got your (finance) pre-approvals and you’re ready to go,” she said.
“The more organised you are, the more likely you’re going to be in a position to be accepted if you put an offer forward.”
Local prices were still very affordable when compared with Adelaide or the hills, let alone interstate markets.
The shortage of rental accommodation meant that investment properties were able to generate strong returns, too.
What are the options for people whose properties have been directly impacted by the floods?
Meanwhile, the owners of some riverfront properties may face difficult decisions as the floodwaters recede over the coming months.
The team at Raine and Horne can provide obligation-free advice about possible options, or use their extensive contacts within the property industry to point you in the direction of a tradesperson, insurance agent or another professional who can help.
After all, you’ll see the motto on their window, up above all those sold signs: “we’ll look after you”.
“Where people don’t know where to start or what impact the flood might have on their property over the next six to 12 months, if there’s any level of insight we can offer, we’re happy to do what we can to help,” Michael said.
In the first case, he also encouraged people to visit the emergency relief centre at Le Messurier Oval, Murray Bridge between 9am and 5pm daily, visit www.sa.gov.au/floods or call 1800 362 361.
The team at Raine and Horne Murraylands are here to help you with advice on any real estate matter.
Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into the office at 4 Seventh Street, Murray Bridge.
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