Acreage Market Wrap - 12th July 2020

Hi, my name is Greg Vincent and welcome to this week’s Acreage Market Wrap where I share an insight into How’s The Acreage Market?

This week there’s been a lot of concerns about the spread of the Coronavirus in Victoria and the 6 weeks lockdown imposed by the Victorian government. We need to be very careful to do whatever we can to avoid a 2nd phase of the pandemic occurring in New South Wales, because it would be another massive blow to our local economy.

Even though the 6 weeks lockdown has only just been imposed on a number postcodes of Melbourne, earlier this week a buyer wanted to fly up from Melbourne to inspect an acreage property but we had to politely decline the inspection and postpone the appointment until we can be sure that our clients are not going to be put at any risk.

It’s going to be very interesting to see how this next phase of Covid-19 plays out here in Australia over the next six weeks.

In the meantime, it was good to see the decision by the Australian Banking Association to extend the loan repayment deferral period for another four months, which allows more breathing space for mortgage holders after September.

In other news, a couple of weeks ago the NSW Government announced that they predicted Sydney will need another 1 million homes by 2041 to keep up with the population growth...and when you consider the news this week that Hambledon Park (known locally as Peels Dairy), the 253 hectares (625 acres) farm on The Terrace in North Richmond has been sold for $60 million to businessman John Camilleri, I predict that before this decade is over there’ll be development approval for a couple of thousands homes on this property.

You see, the new owners were involved with getting The Gables development in Box Hill approved through State Planning and the same developer has recently gained approval for the 580 lot subdivision in Glossodia, and Hawkesbury City Council will have very little control over stopping the housing development of ‘Hambledon Park’ in the near future.

To get the subdivision through faster, it's likely the developers will have to contribute millions of dollars towards the proposed 2nd river crossing at North Richmond on top of the $200 million allocated towards the construction of a new river crossing in last year's Federal budget. Developer funding towards projects will continue to play a huge role in driving Sydney's economy.

There's plenty more that's going to be said about this matter over the coming months, however one thing is for sure, the proposed 2nd river crossing at North Richmond is still several years away from being completed, and the crossing needs to be designed and built to allow for future traffic volumes, not just based upon the current issues experienced by the commuters trying to cross the river.

How’s The Acreage Market?

Currently there are 391 acreage properties For Sale across the region. This total includes 221 acreage properties For Sale throughout The Hawkesbury, 122 throughout The Hills district and another 48 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.

There were 11 new acreage listings this week, and there were only 11 acreage properties Sold this week (which is creating more of a balanced market). Plus, there are currently 19 acreage properties ‘Under Contract’ across the region.

Out in the field this week, enquiries for acreages increased slightly and there was some very competitive bidding between buyers for both 6 O’Dell Street, Vineyard and 51-55 Cherrybrook Chase, Londonderry.

Both of these properties were Sold over the past few days.

Vineyard

6 O’Dell Street

Londonderry

51-55 Cherrybrook Chase

The auction campaign for the property at Londonderry generated over 100 acreage enquiries and there were 7 registered bidders, which means that with these 2 properties now Sold, the underbidders who missed out are now actively in the market and are searching for a suitable acreage property to buy.

So, if you’re thinking of selling your acreage property I may already be working with your ideal buyer, and we could match them to your property with a $Zero marketing investment via my hugely successful ‘Off-Market Acres’ system.

For buyers on the look out for an acreage property, keep a close eye out over the next few weeks because I have a number of ‘Off-Market Acres’ listings that I’ll be promoting exclusively to my database of acreage buyers. If you’d like to get early-bird access to any of my ‘Off-Market Acres’ you can find out more and register for FREE at www.offmarketacres.com.au

So, that’s it for this week’s Acreage Market Wrap.

If you’ve got any questions about anything I’ve shared this week or would like to discuss any of your acreage plans with me, don’t hesitate to get in touch.

Thanks for watching, stay safe and bye for now.

Regards

Greg Vincent