THE downturn in mining continues to affect the local real estate market but MacCallum Inglis agent Angus Patterson says there has been a spike in buyer interest.
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Mr Patterson said while there were concerns over the past 12 to 18 months, recent activity had produced a more positive vibe.
“There's no doubt been some [concerns]; it's definitely a buyers market,” he said.
“However, in the last month to two weeks we've been getting more inspections, particularly for middle to top end properties.”
Mr Patterson believed one of the main reasons for the increase in inspections could be greater confidence from buyers in the job market.
“We're a bit unsure why, but perhaps the market, and when I say that I mean the mining industry, is feeling a bit more secure in terms of people's current roles,” he said.
“We are still not seeing upgraders coming out of Muswellbrook and heading to Scone, which was happening three of four years ago.
“Small lifestyle blocks have been hit the hardest in the downturn, but vendors are willing to meet the market.
“They just need to appreciate the market for what it is now, not what it was four or five years ago, and price it right.”
Pat Gleeson Real Estate agreed there had been a slight boost in the local market over the past few weeks.
“It certainly appears to have picked up a bit,” owner Pat Gleeson said.
“We’ve got eight or 10 places that we expect to sell in the coming weeks, it’s just a matter of putting it all together now.
“I think that Scone has found its level; houses and land are becoming reasonably priced, in fact it’s probably the cheapest it has been for five or six years if not longer.”
