Demand for units in Ballina
THE Ballina and Lennox Head unit market, which includes both modest units and spacious penthouses, has a 'more settled' record of transactions than the house market, according to the latest PRD Property Watch report.
“With our demographics, we're seeing an older population starting to emerge,” says Brett Jones, of PRDnationwide Lennox Head.
“With that goes an increased demand for units and townhouses and a more densely-populated area. People in that age group are looking at downsizing, maybe having a cheaper lifestyle with a unit rather than a house so that the maintenance becomes the responsibility of the body corporate rather than their own.
“This also frees them to be able to lock up and leave if they want to travel or visit family. They don't have to worry about someone doing the lawn or checking on the house.”
According to the report, which looks at all sales to the end of March this year, the Ballina and Lennox area has recovered from a 'price correction' in 2006 to record three consecutive half-year periods of healthy growth.
During the past six months the area recorded the highest median unit price to date at $395,000; and a growth rate of 23.1 per cent since March last year.
“We're seeing strong demand for units and apartments,” says Mr Jones.
“There will be strong growth in the coming years. The older Ramada Riverside apartments in behind Woolworths, and those at the new Ramada, have seen more capital growth than any other area of Ballina. They're all three-bedroom, two-bathroom, with river views in town and very sought-after.”
Brett says that owners are predominately locals who are 'downsizing' to pursue a more active retirement, rather than seachangers moving to the area.