The recent flash flooding and wild storms would not be comfortable for residents in those affected areas. The suburbs in North and South Lismore (which is actually the western side) have been at the mercy of the Wilsons River since the town was founded. Many of the homes in this district are up high on stilts and are able to avoid the cyclical damage caused by flooding. The town also built levees a few years ago to protect the town centre, which has helped.
These properties in Lismore are heavily discounted because of this inconvenience. However, many people are happy to live and own there and are fairly accepting of nature’s occasional outbursts. The price levels and rental levels are therefore traditionally lower than the other suburbs of Girards Hill, East Lismore, Lismore Central, Lismore Heights and Goonellabah.
Council requirements to build in the 100 year flood zone mean that the habitable floor level is a neck craning 2.5 metres. This provides car parking and storage space underneath and there is usually plenty of warning and time to bring anything of value out of harms way before a major flood prediction.
Many of the older homes in these districts are just short of the 2.5m limit. Therein lies the sting in the tail. Generally most houses with a habitable floor level below the estimated one in one hundred year flood event level could experience a lot of difficulty in securing lender finance, unless the intending owner or purchaser can provide a much higher equity injection i.e. below the standard 80% LVR. Then there is the tricky issue of insurance premiums, which have soared in recent years.
Generally, the median price level for these homes ranges from $230,000 to $250,000 with typical rents in the region of $250 to $280 per week for a three-bedroom, one-bathroom home. Some people may be more tolerant to this risk level and enjoy the price and yield benefits if they can navigate the finance and insurance issues. These streets are still close to the town centre and have ample infrastructure, schools, retail, taverns and various services close by.
This is a five-bedroom property above the flood level listed for $234,000.
Byron Property Search is now including this major central coast town in its search area.
Port Macquarie’s growth over the past 12 months has been the strongest on the Mid North Coast during the past five years. It has had a 40% increase in home approvals in the last year. Better growth is in the beach and inner suburbs rather than the outer fringe. This has created greater choice for buyers. For similar value, buyers can purchase an older dated dwelling close to town or they can move to the outer suburbs and purchase or build a new dwelling.
The town continues to grow and there is more growth in these fringe areas as new services are being provided, including a private school, a new university and shopping centres.
This three-bedroom project home under construction just sold in Brierly Hill for $470,000.