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Strong housing sales

Elders Residential Real Estate principal Lester Wheatley says an increase in sales has led to fewer homes on the market in Deniliquin.

ZOE MCMAUGH June 24, 2014 3:35am

Deniliquin has returned to a ‘‘normal’’ real estate market, according to Lester Wheatley (pictured).

The Elders Residential Real Estate principal said an increase in sales had led to fewer homes on the market.

Figures from property valuation company Herron Todd White show the number of sales from January 1 to mid-March this year were already more than 30 per cent of last year’s total sold.

Paired with the tight rental market easing a little, Mr Wheatley said the signs were positive for Deniliquin.

‘‘There has definitely been an improvement in sales activity,’’ he said.

‘‘The rental market is still quite tight but is improving, which is always a healthy sign.

‘‘The number of properties for sale has halved in the last 12 months, which is probably the most significant sign that we are returning to a traditional healthy market.

‘‘In the last 12 to 18 months the market has reversed. We are starting to get more competition and in due course we will start seeing an increase in housing prices.

‘‘One of the most positive things is that this expansion in the volume of sales is not at the expense of rentals.’’

Mr Wheatley says with the number of homes available for sale decreasing, and therefore a lack of choice in what is available, he expects the local resurgence in people building new homes to continue.

He also expects the housing market to expand again should two major local developments eventuate.

The pending re-opening of the Deniliquin abattoir and the proposed development of a $90 million ethanol plant in Deniliquin could potentially create more than 150 jobs.

Herron Todd White figures show 41 homes were sold in the first quarter of this year alone. They had a total value of $7,130,500 and a median price of close to $175,000.

A total of 131 homes were sold in 2013 making more than $23 million with a median price of $165,000. 2012 figures show 115 homes were sold at a median price of $151,500 and 99 in 2011 for a median of $180,000.

~ Zoe McMaugh

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