Welcome to 2020!
2020 hasn't started how many of us imagined, with devastating bush fires ravaging the South Coast, destroying lives, properties, businesses and communities. For those that don't live locally and you're reading this, things got pretty bad and it's guessed that about 88% of the Shoalhaven got burnt.
This video below shows the growth of the fires between 23rd December 2019 to 5th Jan 2020. Make sure you watch it!
What does this mean for properties and the market going forward? It's really a hard thing to predict, historically we should see prices of properties in the communities that fires occurred take a bit of a hit, similar to what was seen when the Brisbane floods happened in 2010/2011. However they should recover but it could take 12-18 months to do so.
What will happen to those areas of the Shoalhaven that weren't affected by fire? Again, hard to crystal ball it, we're already seeing buyers and sellers becoming active with quiet a few exchanges taking place, but my guess is 3 to 6 weeks of lower levels of enquiries and then we should be back on track.
The end of 2019 was the best market we've seen in the last two years, with capital cities recording great sales and slight growth, the flow of that naturally makes it's way down the coast and I'd expect the market to respond accordingly. It's back to business as usual for us.
For anyone who is not following me on social media be it, Facebook, Instagram or Linkedin, you would have missed the announcement that I am starting up a monthly podcast called "The South Coast Property Podcast" to report on the current state of the market. My first guest will be a local valuer who will shed some light on what natural disasters mean for properties, along with reports from local agents about how they are finding market conditions in their towns. You can find the podcast right now on all major podcasting apps like Apple Podcast, Spotifiy, Google Podcast, Over Cast, Pocket Cast, Castro, Castbox and Podchaser with Stitcher, iHeart Radio and Tune In coming in the next week or two. Click the image below to goto the podcast.