Cowra records new record price for residential property

An Acacia Circuit residence, recently sold by Cowra Real Estate, has gone for $760,000 - a record for a residential property under 1600 square metres.

According to property database Pricefinder, the sale has beaten the previous record, a two-storey historic house in Darling Street also sold by Cowra Real Estate for $705,000 in 2019.

Cowra Real Estate Principal, Stephen Haslam said the sale shows Cowra is hot property at the moment.

"Cowra is moving," he said.

"[The property] it's not a hobby block or an acre, it's a different kind of market, it's housing."

Mr Haslam said strength of the market can be attributed to a number of reasons.

"There's a lot going on, interest rates are the lowest they've ever been," he said.

"You've got with COVID-19, people migrating out of Sydney, the person who bought that has family in Cowra, there's a connection there.

"Nearly 30 per cent of buyers are from Sydney.

"Those buyers are coming along, seeing what great value Cowra is and then pushing the price and urgency of timing."

Mr Haslam believes prices may continue to rise as COVID-19 restrictions ease and more people come to the regions from city areas.

"It will be interesting to see what happens with Sydney out of lockdown, people are starting travelling more," he said.

"We've been selling to a lot of people from Sydney who have been doing virtual inspections and they are relying on building and pest inspections for the report of the property but now they can physically come out.

"There's going to be more pressure and the level will increase."

Mr Haslam said first time home buyers and grants, markets in neighbouring towns and retirees are also influencing the market.

"People that are outpriced out of Orange and Bathurst are looking for somewhere more affordable, somewhere to invest," he said.

"Cowra has good returns and then you've got the farmers that have gone through the drought, probably been wanting to retire or downsize and finally they've had a couple of good seasons and now they're moving back into town."

While demand is outweighing supply, Mr Haslam expects to see the market relax in the coming years.

"You've got people in town that want to sell but aren't going to sell because there aren't a lot of properties on the market," he said.

"That pent up demand there because there's no stuff on the market, is exacerbating the situation.

"Down the track, I don't whether it's going to level off, it's going to have to at some stage."

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