Instead of doing Hot Property this month, I wanted to do a round up of interesting things happening around the Northern Rivers. There are plenty of properties going on the market, recently sold or under discussion.
1. Brunswick Heads Fisherman’s Co-op
The Bruns Fish Co Op has been a local icon for over 70 years. It has been on the market for a long period of time due to the usual difficulties and delays. It seems the deal is done and Whistle Funds Management have paid an undisclosed number of million dollars for the property. Early opinions of the plans are favourable, with a combination of fish shop, restaurants, shops and playground for a family friendly environment. Any patron of either the Sydney or Bermagui Fish markets will be enthusiastic for a good outcome with our own fish and chip joint.
2. Beach Hotel for sale
It seems more than a rumour that the Beach Hotel is back on the market. It last sold in 2007 for $65M. When I first came to town it was a rectangular fibro shed that was dangerous place to enter. Biggest attraction was a pool table surrounded by bikies. Well known, but recently deceased, local architect Ian Mackay did a great job on the new version which has been capable of taking $150,000 a day off thirsty locals and visitors.
3. The White House Auction
It has been previously commented in this newsletter that the Kingsley, Patterson, Massinger street hill area is now blue chip with $3M plus sales there. The White house (pictured) is a new listing at 63 Kingsley is going to auction next month and expected to achieve over $3.5M. The contemporary, stream lined home is inspired by famous Brazilian architect Isay Weinfeld. Agents are Unique Estates and Mcgrath.
4. Jeblon Liegh, Bangalow
This home on 40 acres on a hill just outside of Bangalow is worth a look for anyone who appreciates quality historical properties. It has been on the market for some time now for $3.5M (yes that seems to be a trend today). It is one of the shire’s great old homesteads, made from blue stone in 1904 and now an operating macadamia farm. Listed by Janis Perkins at Property of Distinction.
5. Lismore Housing Subsidy Scheme
Lismore City Council, as part of a regional development project, is making 200 blocks of land available to approved applicants who will receive a $20,000 subsidy. If coupled with the First Home Owner Grant, new homeowners can gain a total subsidy of up to $40,000. More information is available at the Lismore City Council website – Build your Future Scheme.
6. Bangalow and Mullumbimby – all sold out!
A recent client brief had me scouring Bangalow for something decent – to absolutely no avail. The town is back in high demand with close to no listings. Only recently I was concerned that the number of new vacant land releases were going to flood that market. However there is not one of those vacant blocks of land left for sale there.
Similar story in Mullumbimby. The Tallowood Estate has been doing brisk business with no vacant blocks left there. Just in time for the release of stage 5 with another 18 ready to go with prices between $285-315,000. Stage 3A, which was supposed to be ready to build on August, have now been held up in council with a February 2016 build date. Apparently previous purchasers are very happy with the recent valuations.
7. Brunswick Heads cinema comes alive
A big bouquet to the crew who purchased and are now refurbishing the old cinema in Brunswick Heads. It could have gone the way of all these sites with an ugly block of depressing brick flats. The old structure will be bought back to life with a stage and a cafe and a venue for the burgeoning circus arts performing circuit.
8. South East Queensland – pros and cons
A Vendors Advocacy job took me to one of the many new subdivisions happening between Brisbane and Ipswich the other day. This area is in a rapid stage of growth for both owner-occupier as well as investment properties. The recent NAB Residential Property Survey has tipped South East Queensland to take the mantle from Sydney as best achiever in price and rental growth. This may be true but I was mopping up the results from some bad property dealing. My client purchased an investment property and was the victim of scammers and marketers paying well over market price. This area is ripe for this kind of activity so make sure you are purchasing through reputable sources. Go one step better and purchase with qualified Buyers Agent who is a member of REBAA.