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?

Firstly to all the Victorians, we're all thinking of you and hope you're getting towards the end of your lockdown restrictions during this pandemic. After today’s announcement by Premier Daniel Andrews, it looks like Victorian lockdown restrictions will slowly become relaxed and with private inspections of properties now allowed I anticipate that we will see a significant increase in the number of buyers not only looking to move out of Victoria but they’ll also be looking to escape away from the city life and head out in search of an acreage lifestyle.

We are already experiencing an increase in enquiry from city-dwellers looking to get away from suburbia. Recently I’ve been speaking with a lot of cashed-up buyers who are coming from affluent parts of Sydney like Eastern Suburbs, Lower North Shore, Northern Beaches and The Shire and they are really keen to move onto acres. So if you’re thinking of selling your acreage, please get in touch because I currently have a lot of buyers on my books waiting for the right acreage property to come available.

The surge in activity is due to the affordability and perceived convenience of acreage around Sydney’s fringes for the large number of city dwellers who are heading to the countryside because of COVID-19 lockdowns changing workplace flexibility which is now allowing many to work from home, and yet they still want to be able to commute to their workplace if and when required...and acreage within this area ticks a lot of those boxes for them.

In other news, even though interest rates look set to remain at historically low levels, the banks have recently been very stringent with their lending due to the Coronavirus and loan processing was taking a lot longer than usual. Major lenders had been behaving very similarly to how they were back at the beginning of 2019 when the Banking Royal Commission recommendations were handed down.

There is a real threat that stemming the flow of lending along with increases in unemployment could see the current single digit correction in the Sydney housing sector continue into the first half of next year and possibly beyond.

Thankfully, on Friday, The Federal Treasurer, Josh Freidenberg announced “Simpler lending rules for home loans and credit to free up the economy” which should help remove one of the biggest financial choke points that’s been holding the flow of money back from the property market over recent months.

As David Crowe of the Sydney Morning Herald reported, “Customers will be promised faster access to loans under simpler rules that aim to free up credit and lift the economy by ending confusion over lending obligations for banks and finance companies.”

Unfortunately, it doesn’t appear that these new rules are going to get implemented fast enough to help homebuyers in 2020, as “the government prepares to unveil tax cuts and spending measures in the October 6 budget, the lending reforms are intended to improve access to credit from March next year if Parliament approves the changes to the Credit Act.” But, it is a move in the right direction and if the writing is on the wall that these changes will come into effect it’s likely that some of the 2nd tier lenders may become a bit more relaxed with their lending in anticipation of the decision.

Freeing up the money flow will have a positive impact on the acreage market.

How’s The Acreage Market?

Currently there are 380 acreage properties For Sale across the region. This total includes 208 acreage properties For Sale throughout The Hawkesbury, 115 throughout The Hills district and another 57 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.
There were 26 new acreage listings come onto the market this week. There were only 9 acreage properties Sold this week and there are currently 27 acreage properties ‘Under Contract’ across the region.

Out in the field this week, the exclusive acreage property ‘Dadirri’ at 83 Serpentine Lane, Bowen Mountain was Sold for $2.1m which must be a suburb record for Bowen Mountain. Also, the E4 zoned acreage property at 25 Stringer Road, Kellyville has gone ‘Under Contract’ plus we held the first Open Homes for 3 new listings this week which includes the enormous 10 bedroom home on 5 acres at 4-8 Dodford Road, Llandilo, a stunning resort-style dual accomodation home at 355 Blaxlands Ridge Road, Blaxlands Ridge and the spectacular ‘Halcyon Lodge’ property at 10 Bennelong Place, East Kurrajong which has attracted an incredible amount of interest in only a few days of being on the market.

It’s been a busy week with acreage enquiries increasing dramatically and it looks like October and November are going to be an even busier time to be selling acreage properties this Spring.

If you’re thinking of buying or selling acreage this year, right now could be the perfect time to make your move.

Plus, if you’re looking for an acreage property I currently have a number of acreages for sale ‘Off-Market’. If you want to be amongst the early-bird buyers to gain the first look at any of my ‘off-market’ listings, make sure to check out... 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