Ballina real estate frenzy
By Mary Mann
BALLINA has been hit with a real estate buying frenzy.
If the activity at the most recent Elders auction at Ballina is anything to go by, city dwellers have started telling each other the North Coast is the place to own a home or a weekender.
Elders director Glenn Mills said 200 people attended the auctions.
About $3.8 million worth of property was sold by auctioneer Paul Cavanagh from among the 14 properties offered around the shire.
Keen bidding took the price well above reserve several times, he said.
"The result came on top of outstanding sales at our last two auctions," Mr Mills said.
"I like auctions because they give the owner total control.
"You don't have to set a price until all the research of the market is done and there is an opportunity to get a better price for your property."
Two of the 14 properties sold before auction, another six sold under the hammer, and two more sales were negotiated after the auction.
Bidding was especially keen on an old cottage in Ross Street, with five bidders taking the price from $200,000 to $290,000 before the final two buyers exchanged bids all the way to $325,000 at which time the under bidder conceded.
"With direct jet flights from Ballina to Melbourne and Sydney, and the Pacific Highway improvements between here and Brisbane, people are realising Ballina is now within two hours of Australia's three largest cities," Mr Mills said.
"Such ready access to the area's natural beauty and existing infrastructure is a great attraction to city dwellers looking for an alternative."