The following article is from the Northern Star writer, Suni Golightly
Low stock levels and high demand are keeping house and unit prices keen in the Northern Rivers. CoreLogic RP Data’s latest Market Trends report shows that has translated to strong returns for those opting to sell, but by all accounts, very few homeowners seem to want to part with their assets.
Coorabell is home to the most expensive houses in the Northern Rivers region with a median house price of $1,401,250. But Byron Bay at $1,250,000, Ewingsdale at $1,202,500 and Federal ($1,050,000) also recorded medians in excess of a million dollars. In the Ballina region, Skennars Head recorded the highest median house price with $775,000 with Lennox Head close behind on $771,250 and East Ballina at $645,000. Lennox Head also achieved the highest unit median price of $620,000. Richmond Hill ($622,500) produced the top median house price in the Lismore area with Bexhill and Wyrallah also reporting good value for money with $605,000 and $577,500 respectively.
In the Richmond Valley, Evans Head reported the highest median house price at $495,500 but it is North Casino that seems the quiet achiever there with a 15.8% increase in sales volume and a $450,000 median house price. The latter shows a 2.3% annual price rise for North Casino when most suburbs in the area are noting price drops. The story was sadder in Kyogle where the top suburb, Geneva, reported a median house price of $260,000 – a 7% drop in value from the same time last year.
Wal Murray and Co First National residential sales consultant Gary Wells said that homes were being snapped up as soon as they were on the market. “People move to the area because of the laid back lifestyle it offers and the value they can get for their dollar here,” Mr Murray said. “The hospital expansion has created even more demand and there are a number of self-funded retirees making the move too. In the last year, we have seen great demand across all suburbs and really, we can’t keep up. We just can’t get enough properties to sell.” Mr Murray added that the Northern Rivers was a great area for investors too, provided they could find a property to buy. “There is excellent capital growth and rents are on the increase here too. It has been flat in this region for a long time now so it’s refreshing to see the market moving so well again.”