Sydney buyers are snapping up Maitland properties sight unseen and they're not being frugal about the prices.
Rhonda Nyquist of PRD Real Estate said over the past three weeks Maitland's market has not only seen a surge in prices but also an increased desire of Sydney buyers to acquire property in the area without seeing them first hand.
She said PRD has sold a "good number' of both residential and semi-rural properties sight unseen ranging from $910,000 to $1,750,000.
The use of 3D camera images and pre-purchase pest and building reports give prospective purchasers a virtual walk through of properties as well as an informed state of the property's condition.
Record prices for properties at Lorn ($2.5m) and Bolwarra Heights ($1.75m) have been recorded over the past few weeks. Ms Nyquist said prices across the board have lifted by 15 to 25 per cent and the inquiry rate on new listings remains high.
River Realty Property Sales Representative Chad Buckley said while the market in major metropolitan areas is losing steam, according to recently released figures by property analytics firm CoreLogic, Maitland is still seeing significant population growth to regional areas.
"The Lower Hunter continues to see people move to the area causing demand to stay high for rural sales, residential sales and leasing markets," he said.
"At auction campaigns, we are seeing bidders from the local area, from Newcastle, Central Coast and Sydney, and from further abroad driving premium prices as stock levels for quality property remains low.
"River Realty's clearance rate at the now online auctions via the "AuctionNow" platform remains at 100 per cent during the lockdown period, with multiple auctions occurring each week.
"While selling via private treaty, we are seeing multiple offers on almost all properties, with prices continuing to drive upwards all across the region," Mr Buckley said.
He said areas of particular growth have been in the more regional residential markets, such as Greta, Branxton and North Rothbury. The more traditional blue chip suburbs of Morpeth, Lorn and East Maitland are still experiencing extreme demand.