Record unit sale at Lennox
By JANE GARDNER
CASHED-UP city investors have their cheque books poised for prime Lennox Head property, following another record sale.
An expat Australian couple living in Hong Kong, have bought a beachfront unit in Rayner Street for $2.4 million.
The new owners finalised yesterday after a month-long bidding war between two other potential buyers from Brisbane and Sydney.
A jubilant Peter Carmont, principal of The Professionals Ballina, said it was a record sale for a unit in Lennox Head and a sign of things to come.
"The Lennox area is moving up in value very, very, quickly," he said.
"Buyers are attracted to its village atmosphere and better access to the beach than properties in Byron Bay."
For $2.4m the international buyers scored a four bedroom, 340 square metre, architecturally designed two-story duplex with three-car garage.
The hefty price tag can be credited to unhindered ocean views from Broken Head to the north, and south to the Lennox headland.
During the holiday period, it will rent for up to $4000 a week. Not bad, considering 10 years ago, the block of land was worth $400,000.
But the new millionaires' rows popping up along Northern Rivers coastlines are 'fairy tales', according to Paul Deegan, vice-president of the Real Estate Institute NSW.
"Who is buying these properties? People who've got more money than they need," he said.
"No one who wanted to get a good return would do that. I would guess the person who bought the Lennox Head unit spent only 10 per cent of their net worth.
"They will get a minimum rental return of about 2 per cent, and will pay about $100,000 a year to keep that property."