Pirie real estate like gold as demand for housing soars

SOLD: Jordan Mezzino, left, and Brodie Lavis have seen a major increase in demand for houses.
SOLD: Jordan Mezzino, left, and Brodie Lavis have seen a major increase in demand for houses.

Local real estate agents have been inundated with applicants recently as demand for properties far exceeds the supply.

Lavis Real Estate joint manager and director Brodie Lavis said the property market has changed dramatically since COVID with people scrambling to secure housing.

"We have seen a huge amount of investors hitting the market and there are really good returns so we have a lot of interstate buyers and first home buyers," he said.

"Nyrstar is also very positive at the moment and creating a huge number of jobs, which we feel has certainly made our rental market a lot stronger.

"At the moment, there is hardly any supply and the demand is great, which pushes prices up."

Lavis sales associate Jordan Mezzino said starting in sales at the moment feels a lot like being thrown in the deep end.

"There are heaps of enquiries coming in for all properties, from low end to high end," she said.

"We had anywhere between 50 and 60 people looking at a property recently, and that was just with our shortlist."

Mr Lavis added that a "stock standard" rental property would also be receiving applications from anywhere upwards of 30 people.

"The only way this can be fixed at the moment is creating more properties to lease and the only way we can do that is to have more sub-divisions, new properties being built, but there is a shortage of materials for building," he said.

Blights Real Estate managing director Chris Keane agreed, saying that the vacancy rate in Pirie is "pretty much zero", but it was a similar situation across the region.

"A lot of people buy rural properties just to have a place they can go to get away," he said.

"People used to travel a lot and have not been able to do that, so they are buying new properties as extra holiday homes.

"This is particularly the case down the Yorke Peninsula."

Mr Keane also said a lot of it had to do with buyer confidence amid lower interest rates.

"We are finding a lot of people coming from interstate buying in Pirie," he said.

It was not all positive, though, with Mr Keane noting there were challenges that come with the high demand.

"We are also seeing a lot of properties that were rentals getting sold, so the pool of rental properties is getting smaller as well," he said.

"It is pretty challenging at times where you are selling a house while trying to find something for tenants who have to now move."