$3.2m sale breaks record
By EMMA O'NEILL
BOB and Narelle Elk have broken a Kyogle record. Last week the couple, both real estate agents, sold a 568-acre property for $3.2 million; the highest price ever recorded for the town.
The impressive price tag didn't shock Mr Elk, who said demand now outweighed supply for property in the area.
Mr Elk said land in Kyogle had attracted farmers from western NSW and central Queensland due to its high rainfall.
He said the area had also been a popular choice for residents of larger cities looking for a lifestyle change.
"People can experience a rural lifestyle in Kyogle and still be 30 minutes from a major town," he said.
He also noted the town's friendly community, proximity to the coast, warm climate and relative affordability as factors attracting so many buyers.
The balance between supply and demand for property in Kyogle may level out after the recent record breaking sale, if approval is given to subdivide a third of the $3.2 million property.
According to Mr Elk, the subdivision has already gained State Government approval.
If the local council agrees, it would mean an additional 250 houses would be built in the area during the next five to 10 years.
After a 10 year population decline from 1991-2001, senior town planner for Kyogle, John Hession, said the town's population was now on a dramatic incline.
"The sale of this property in Kyogle could be the first cog in the wheel for providing more fully serviced land close to town," he said.
Mr Hession said currently there was not enough housing or local employment to accommodate the number of people wanting to move there.
He said while the town had excellent facilities and a vibrant commercial hub, industry would need to be fully expanded in the area to provide jobs for the people of all ages who were flooding to the town with a view to making it their long-term home.