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?

In BIG NEWS this week, the REINSW have advised members that NSW Auctions do not have an exemption on the Heath Order governing public gatherings. This means that when conducting an auction we must contain the amount of people to a maximum of 20 (excluding the Vendor(s), Agent(s) and Auctioneer).

For example, we held an auction today at 40 Pitt Street, Richmond where there were 5 registered bidders and we had to turn several onlookers away. The home was passed-in at $1.2m. There have been several other interested parties who I’m currently in discussions with who are keen to negotiate outside of auction conditions.

Anyway, so getting back to this new 20 people rule. The Office of Fair Trading have been advised that they are only to take an advisory and assistance measure on this new ruling today - meaning that no fines can be issued today.

It is important that all agents in NSW adapt to these changes where possible from today. From Monday onwards, the OFT will be able to issue on the spot fines for those agents who do not adhere to this new rule.

For many of our future auctions we will be recommending the use of Live Streaming or other purpose-built online platforms like Auction Now where required. We may also have no option but to only allow registered bidders to attend the auction and ask anyone else to watch the auction from the comfort of their home via the Auction Now platform.

The requirements for in-room auctions and open for inspections do have an exemption from the Health Order governing public gatherings, however agents must adhere to the 4sqm density and social distancing requirements at all times for this exemption to remain.

REINSW are working hard to see what exemptions can be in place by next weekend, if any and I will keep you up to date on any changes that occur.

If you have any questions, please do not hesitate in reaching out to me.

In last week’s edition I shared our current Covid Safe guidelines for open homes and auctions. Here’s a link to them.

They have now been updated to include the latest Maximum of 20 people rule (excluding vendor(s), agents (s) and the auctioneer) at auctions. Note: It doesn’t matter if the auctions are held inside or in a paddock outside, the ruling of 20 must be adhered to where possible this weekend and it’s compulsory for all auctions from Monday onwards.

Something else that happened this week, is a place at 22 Galvin Road, Llandilo made it onto the Channel 7 News. You see I had a number of buyers tell me about this 5 acres property which was being advertised with a price guide of $1.15m - $1.25m, which was ridiculously below market value. Apparently there were over 80 groups inspect the property last weekend and the agent had 40 offers on the property. A sale for the property is believed to have been negotiated for over $1.6m.

The agent may find themselves in a bit of hot water for under quoting, but, it certainly goes to show that there are lots of acreage buyers out there looking to grab a bargain. It also means that there are currently 39 buyers out there who missed out on the property.

If you’re agent has been saying that there’s no acreage buyers out there, then I’m sorry but they’re simply not working this current acreage market effectively enough.

How’s The Acreage Market?

Currently there are 386 acreage properties For Sale across the region. This total includes 212 acreage properties For Sale throughout The Hawkesbury, 119 throughout The Hills district and another 55 acreages For Sale within Sydney’s North-West acreage areas of Penrith and Blacktown.
There were another 21 new acreage listings come onto the market this week as we start to head into early Spring. There were 10 acreage properties Sold this week which is up by over 20% on the past 2 previous weeks, and there are currently 18 acreage properties ‘Under Contract’ across the region which is a good sign for the market ahead.

Out in the field this week, 26 Wavehill Avenue, Windsor Downs was sold for $1.95m and the sale of 22 Kimberley Lane, Windsor Downs looks like going through later this week and contracts were issued for the sale of the 45 acres property at 235 Stannix Park Road in Wilberforce.

There’s been numerous offers submitted this week and there were lots of buyers out & about today, especially after over 50 enquiries this week about the 5 acre property at 114 Fisher Road, Maraylya.

It’s been a busy week and it looks like getting even busier. I have 4 private inspections booked to show buyers through a couple of acreage properties tomorrow. One of the places is an ‘Off-Market’ Acres property.

If you’re looking to buy acreage and want early access to any of my ‘off-market’ listings too, 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