Property

Buyers forking out millions

EVERY home that hits the market in the Northern Rivers is almost guaranteed to receive interest from investors and sea-changers looking for their piece of an undersupplied market.

CoreLogic RP Data's Market Trends report for the third quarter of 2016 exposed Coorabell as one of the stand-out suburbs in the Lismore, Ballina, Byron, Kyogle and Richmond Valley regions, with a median $1.43 million median sale price for houses.

Ewingsdale was Byron's second most expensive house market at $1.17 million, followed by Byron Bay on $992,000 and Federal on $950,000.

Ballina's priciest suburb for houses was Fernleigh with a $1.02 million median sale price, with Evans Head ($501,250) topping the list for Richmond Valley and Geneva ($278,000) taking the top spot for Kyogle.
Lismore's dearest suburb to buy a house was Bexhill at $570,000.

Byron Bay had the Northern Rivers' highest costing units at $612,000, followed by Suffolk Park on $610,000 and Lennox Head at $595,000 median price for apartments.

Casino had the cheapest units of the lot at $160,000.

Richmond Valley suburb Woodburn was by far the Northern Rivers' best performer in terms of price increases, with the median price tag for houses surging 35.4% over the year to September.

Dunoon in the Lismore region was next on the list with a 30.4% price hike, with Byron's Suffolk Park rounding out the top three at 20.4%.

Byron suburb Myocum had the biggest drop in prices, with median sale values falling 11.6% to $875,000.

West Ballina had the biggest increase in unit prices, up 22.5% over the year, followed by Wollongbar on 18.2% and Evans Head's 15.8% price rise.

Wal Murray and Co First National residential sales consultant Gary Wells said agents were hard-pressed to find enough homes for investors hungry to buy.

"It's a very busy market at the moment, with low stock levels and a very good amount of buyers out there," he said.

"We're finding a lot of interest in all areas - stock is low from the cheaper homes right up to the most expensive.

"So that means the days on the market are coming down because we're getting such good inquiry on everything.

"We're coming into the spring and summer months - our busiest time - but we have the lowest amount of stock I've seen in years.

"We've got the buyers but just not enough to sell them."

Suffolk Park had the quickest selling units with a median of 26 days from listing to sale, while Suffolk Park's 36-day wait was the quickest for houses.

Alstonville houses were the hardest to sell, with properties languishing on the market for 178 days before finding a new owner.

Houses in Ewingsdale commanded the highest median asking price for rent at $735 a week, while Byron Bay topped the units' ladder on $650 a week.

Goonellabah had the most sales action with 233 houses changing owners over the 12-month period, while Byron Bay was the frontrunner for units with 125 sales.
- ARM NEWSDESK

Topics:  house prices, house sales, property market, reinsw, suburbs



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