Kyogle catching up in housing bonanza
By RACHEL SCOLLAY
RESIDENTIAL property values in Kyogle have almost doubled recently, according to local real estate agents and figures just released by the NSW Valuer-General.
Government valuations hitting mailboxes this week show residential property has jumped by 85 per cent since 2001.
However, overall, land values in the shire went up by just 25 per cent.
Elders agent Terry Winkler said just over a year ago a low-end Kyogle house could be bought for $80,000, but you would now pay double that figure.
In 2001, residential land was selling for $36,000, but in the latest land release in Highfield Road, blocks went for around $70,000.
Mr Winkler said they were now fielding inquiries from buyers in Sydney, and even Victoria.
Queensland couple Lynne Asselin and Lindsay Rowland were in Kyogle yesterday looking for rural property, saying they were attracted by the energy of the town.
They liked natural ways of working the land and said Nimbin had become overpriced.
CTC@Kyogle manager Linda Woodrow said she and her partner were attracted to Kyogle 23 years ago because of the affordability of the land. Now rocketing property values were the hot topic of conversation around town.
She said a friend recently had her house revalued at treble what she paid five years ago.
"But you don't make a profit selling a house that's gone way up, because you're buying on the same market," Ms Woodrow said. "It's virtual wealth."