REPORT: Property prices are hot across Lismore

HOT PROPERTY: House prices in the city of Lismore have seen strong growth over the past 12 months to May 2017.
HOT PROPERTY: House prices in the city of Lismore have seen strong growth over the past 12 months to May 2017. Supplied

HOMEOWNERS in some areas of the 2480 postcode will be through the roof with joy thanks to a strong rise in property values over the past year.

According to new research revealed by Core Logic on Wednesday, over the past 12 months to May 2017, Goonellabah saw the largest amount of sales with 265 houses changing hands and selling for a median price of $372,000.

The report also showed 73 units in Goonellabah sold for a median of $263,000 during the same period.

Meanwhile, 104 houses in East Lismore sold for a median of $325,000 while 10 units sold in the suburb for a median of $257,000.

In Lismore proper, 73 houses sold for a median of $305,000 while 14 units reached $223,000.

However, Rosebank took the honours for the highest measurable house prices with 17 selling for a median of $800,000.

Meanwhile Clunes took the silver with $631,000 for the 19 houses changing hands, Bexhill the bronze with 10 homes selling for $615,000 and Wyrallah in fourth place on $512,000 for the 10 homes sold.

In the past decade median house prices have risen, with houses prices in Clunes more than doubling from their $380,000 value in 2007.

In Goonellabah, houses which reached a median of 2007 for $268,250 are now seeing an increase of $104,250.

Houses in East Lismore appreciated from $252,000 in 2007 another $73,000.

Meanwhile, South Lismore remained the most affordable with a median price of $265,000 for houses.

LJ Hooker agent Paul Deegan said Lismore property prices are heavily influenced by city dwellers moving into town.

"We are getting a rub off the increase in the city prices as people are coming here after selling and making big money from Brisbane and Sydney and this helps in cranking the prices," he said.

"They don't argue the price, they say 'we will pay that'," he said.

Mr Deegan said the local housing market is now seeing a lot more movement.

"It sat still for a while and now we are seeing good solid returns for rental properties, lots of land is being sold and nice houses being built," he said.

"So after a period of stagnation it looks like things are up."

Mr Deegan said many houses are being sold the moment they hit the market.

"If you see a house you like then make an offer, because it might not be there tomorrow," he said.

Topics:  house prices lismore home prices northern rivers housing northern rivers real estate property prices real estate

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