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Real estate boom predicted in 2014

Deniliquin's soaring real estate market is only going to get stronger, according to real estate agents.

TYLA HARRINGTON December 20, 2013 4:30am

Deniliquin could be headed for a real estate market boom in 2014.

Elders Residential Real Estate principal Lester Wheatley said two proposed developments had positioned the real estate market to be ‘‘extremely strong in the foreseeable future’’.

Should the Deniliquin abattoir re-open in 2014, as is expected, it has the potential to create between 80 and 100 jobs, maybe more, and there is also a proposal with the NSW Government for an ethanol plant to be built in Deniliquin, which would generate an estimated 40 to 50 permanent jobs.

While a boom in the real estate market had not translated yet, Mr Wheatley said it was ‘‘probably going to occur’’.

He said sales demand had improved ‘‘considerably’’ in the last three months.

But a market boom may come at a cost, with local real estate agents predicting Deniliquin’s rental property shortage to worsen next year.

Mr Wheatley said rental vacancy in Deniliquin was at less than one per cent of all rental properties, which he says is as low as it has been in 35 years.

‘‘The demand isn’t showing any sign of abating and should continue into 2014, especially with the onset of new jobs.’’

‘‘The proposed developments are very welcome but it will be difficult to place a significant number of new residents in rental properties.

‘‘With no rentals available, new residents will be forced into the buyers’ market. The competition to come from this will cause prices to rise.

‘‘More people are looking to buy because there are no rentals available — this will ease the rental situation a bit.

‘‘But it will put pressure on rent and cause increases due to the imbalance of supply and demand,’’ said Mr Wheatley, who has sold seven properties in the past two weeks.

‘‘Because of the rental shortage, people are investing in the lower end of the market ... between $150,000 and $200,000.

‘‘The number of properties (listed with Elders Real Estate) has decreased for the first time in three years.’’

Big River Real Estate owner Ashley Hall said although the potential developments would place strain on the rental market, he says they have already instilled a renewed confidence in the local real estate market.

‘‘Rental is very strong and sales have been reasonably good,’’ he said.

‘‘We’re starting to see a bit of confidence in the market and we’re looking for a strong start to 2014. It’s looking like it’s going to be really good for real estate.

‘‘There’s more confidence with the potential development coming through.’’

TLC Real Estate owner Trent Lloyd only had one unit available for rent leading into Christmas, but he too welcomed an increase in sales in recent months.

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