In this instalment of “In the Know”, our conveyancing solicitor Emily Thorn sat down with Stewart Adlington, Director of Harcourts Mudgee and Rylstone to talk about the impact of tree changers and the rural market.
In December 2021, Steward told us that Harcourts Mudgee and Rylstone recorded that 94% of their website click enquiries were from outside of the Mid-Western region.
“We are seeing the data and with 4 out of the top 5 postcodes for enquiries being from Sydney, then Dubbo. This is consistent, not an anomaly.”
So, what does this mean for the Rylstone house prices? In the last 2 years, Mudgee has seen house prices skyrocket and Rylstone is no different. The median sale price of Rylstone as of 2021 is $440,000 which is an increase of about 35%.
“3 years ago, we had a lot more balance between local and out of area purchasers. But then we a noticed a shift to absentee owners. Lots of buyers are choosing to either rent their property out or use the property as a weekender. And like with a lot of the Mid-Western region, there is an increase in Airbnb’s.”
With the increase in out-of-town purchasers, Stewart says people are looking to Rylstone as the more affordable alternative to Mudgee. Additionally, Rylstone is experiencing its own boost in popularity from tourists, making it an attractive destination for prospective purchasers.
“Rylstone has become very touristy, and the business community have responded with much more flexible trading hours. Kandos has started to shift but there are less business fronts in Kandos as opposed to Rylstone.”
So, with the booming market in mind, what does Stuart think we can expect in next 12 months?
“I think the market will stabilise, off the back of the likelihood of modest interest rate rises. I think Mudgee has its own energy with the strength of the tourism market behind it. Even though travel will become more open, our region will remain a very popular tourist destination.”
Stewart notes that with lifestyle and rural property sales, seasonal conditions are always a factor. Whilst the region continues to look as good as it does now, the market will continue to perform.
“Rylstone is in a really exciting time. The town is so busy on the weekends, it’s great to see.”
You can check out Harcourts Mudgee and Rylstone current listings here:
Emily Thorn is a Property Lawyer at Sally Callander Law. She prides herself on delivering trusted advice and building long-term relationships that help her community continue to grow and thrive. Contact Emily today on (02) 6395 9780 to book an appointment.