If you’re looking for a rental property or a house to purchase under $400,000 in the Milton-Ulladulla region, you’re in for a surprise.
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With the median house price in Ulladulla for a four bedroom home sitting at $525,000, the property market on the South Coast is showing no signs of slowing down.
Andrea Tucker from Tucker Real Estate, Mollymook said the sales boom has impacted rental availability in the region.
“The minute we get a rental property on our books, we’ve got a qualified bank of tenants ready to go so most of the houses we’re not even advertising,” she said.
Mrs Tucker said while rentals have been in high demand for the last 12 months, it’s increased significantly in the past six months.
“You’ve got to at least have half a million to get into the market in Ulladulla.
- -Andrea Tucker
“A lot of buyers have been priced out of the Sydney market so they’re moving south where it’s more affordable for them,” she said.
“There’s a lot more investors in the marketplace and people are even buying via their super fund. They’re landbanking those properties and looking for suitable tenants until they’re ready to retire.”
With a competitive rental market, Mrs Tucker said further afield places such as Fisherman’s Paradise and Lake Tabourie are attracting more tenants than ever before.
Young families, people new to the area and looking to get a feel before buying and long-term, permanent renters are among those most often looking to secure a rental property.
With so much demand, Mrs Tucker said hopeful applicants are taking extra steps in their search.
“We’re even getting people offering us above the market rental to secure it, so $10 or $20 extra,” she said.
If you’re having trouble securing a rental property, Mrs Tucker offered some tips to help get you in the door.
“The best thing to do is make sure your application form is filled out accurately because when we get 20 applications, we’re not going to worry about ones that are half done,” she said.
“People keep saying, ‘this happened 10 years ago and then it crashed’ but I just don’t see it happening.
- -Andrea Tucker
“From our point of view, we like to build good relationships so come into the office. We actually prefer that, we get that personal one-on-one and we know what you’re looking for.”
If you’re looking to buy in the Milton-Ulladulla region, start saving or cross your fingers for a Lotto windfall.
The average price of a four bedroom home in Mollymook is now $583,000 and Mrs Tucker said prices are only increasing.
“You’ve got to at least have half a million to get into the market in Ulladulla,” she said.
“Anything under $400,000 is really hard to find so that’s set a new benchmark. Properties under the $500,000 are selling really quickly.”
Mrs Tucker said while the average purchaser is in their 60s and cashed up after selling their Sydney home for seven figures, younger couples are also moving the area.
“They can come here and work a couple of days from home and still commute to Sydney,” she said.
“They’re moving for the lifestyle so it’s not just affecting our marketplace but bringing in a whole new skillset to our area, which is fantastic.”
With prices hitting the high notes, Mrs Tucker doesn’t believe concerns over a crash are warranted.
“People keep saying, ‘this happened 10 years ago and then it crashed’ but I just don’t see it happening,” she said.
“Ten years is a long term technology wise and so much has happened in a relatively short space of time that I just don’t see it coming down.”