Out Of The City | Coastal Living
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What is the episode about and who is the guest from Culburra Beach?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast. And we're talking to Julie Gorsey from Ray White on the South Coast. Welcome to The Real Estate Podcast, Julie.
Thanks so much.
You are in a very nice little spot of New South Wales. You work in a regional coastal town on the south coast of New South Wales. And when I say coastal, people's ears prick up a little bit, probably by people who are living outside the area thinking, Oh, okay. I wonder what the property market is doing in Culbarra Beach. And that's a bit of a problem for locals, but it might be good for you. So tell us a little bit about all of that.
How has Culburra Beach’s property market changed recently?
It's been a whirlwind, to be completely honest. I mean, we always knew that there was so much potential for our area down here and we always felt that we were a little undiscovered, but probably a lot of the locals liked it that way. It's a little scary, to be honest. Things are changing and rapidly so. Locals are worried about being priced out of the market and first home buyers can no longer get in. It's really just no longer an affordable place to buy. It makes it really difficult for locals local homeowners that might need to trade in so upsize or downsize in fact I had a couple recently sell their large family home and then in that they had an extended settlement period but in that time the market just got away from them and they ended up having to buy in another area and move out of town away from family and friends which is really sad to see.
What do you think the reason is? I was talking to somebody today, and I made the comment, because of COVID, people are in front of their screens, their devices, their desktops more. They're looking at property. I think it's a real hobby for a lot of people. Even if they have already got their home and they're settled, it's almost like, let's reevaluate life. Let's go and live by the beach.
Definitely. And I think it's the new sport a little bit. Real estate's like sport these days. People are more interested in it than they are the football grand final, I find. And it's really quite trendy now to have that holiday house down the coast. And we're on the map now.
And do you have people that have been living there for years and years and years and have decided to sell up because of the way the property is trending?
Not so much. We have had, for example, if we look at the rentals market and we have quite a large rent roll and there are some absentee owners that are deciding to cash in their investment property, which is sort of putting a strain on, again, local people that may have been renting here for years. They could have been in the property for 10 years, but as soon as that owner decides to put the property on the market, that tenant's on notice. The property is then purchased by a holiday maker and then those tenants are looking for a property and there's just zero supply in Coal Borough Beach at the moment. So again, they're forced out of town. And whenever we do have a permanent rental property become available, we've got something like 30 applications each time.
So it is very hard for people who need to move at the moment.
Yeah, so you're talking about that whole rental market. I guess this is a relevant question, not just in your area, but up and down the coast of Australia with beach areas having that attraction pulling power of bringing people from outside the area into the community. So I think you've sort of answered that question of the effects that that is happening on the rental market, which you're kind of feeling locally.
Yeah, big time. And it's just sort of becoming less and less affordable.
It's obviously a really nice part of the world. How long have you been there?
I have lived here. See, I married a local boy and I've lived here, I think, for 16 years.
And how long have you been working in the real estate game?
About 20 years in total.
Why are locals worried about being priced out of the coastal market?
But I've been in sales out here at Colborough Beach for six years now.
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