Bourke real estate boom
Bourke’s economy has had a much-needed boost with increased property values and a jump in sales in recent months.
Although the COVID restrictions have had a severe impact on the tourism, hospitality and business sector, property was one area that was thriving, according to Schute Bell Whitbread property agent, Sharon Dickson.
Along with the investment of Tom Apostolakis and Khaled Kesra Haddad who have purchased more than a dozen properties in the town, other buyers had also been snapping up homes that were affordable and bringing in excellent rental returns.
“There have been many inquiries and a lot of investors have come to town,” Sharon said.
“I am fielding inquiries from investors daily as well as people upgrading and downgrading, and it has certainly got me running.
“Their motivation is the return. Once upon a time everyone wanted to ‘negative gear’ which meant putting some of your income into the property and that was calculated in your tax return.
“Now it is all about a passive income. Owners can buy a property and have a tenant paying off that mortgage as well as having a little bit left over, with not much effort at all.”
Sharon said the increased investment in Bourke district real estate was likely to be sustained.
“The investors and the landlords are here for the long term. They might buy one and sell it off, but we have a big mobile population in Bourke with police, nurses and teachers and they will always need housing, so rentals will always be in demand.
“Local people also want to move out of their current home, or invest, so the market will be hot for quite a long time.
“It brings people into town, and that boosts our schools, medical services and businesses and trickles down to the supermarkets and into things like the other part of our business here which is stock feeds and pet foods, so everyone gets a share,” she said.
Managing Partner of Nutrien Harcourt, Bourke, Greg Seiler said that interest in properties at Bourke was at a level he had never experienced before.
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