HOT SPOT: The suburb that's perfect for first home buyers
AFFORDABLE homes on good-sized blocks close to the CBD has put South Lismore on the radar for first home buyers.
According to the latest data from Core Logic, the median house price in South Lismore is $278,000.
Prices in the area gained 26.4 per cent in value over the past three years and 31.4 per cent in the past five years to June 30.
R Gordon and Son agent Nathan Gordon said South Lismore was enjoying a great deal of interest form those keen to get a foot on the property ladder.
"South Lismore can be really affordable so it's attracting interest from first home buyers who are graduating from the renting scene,” he said.
"It's super close to the CBD and many properties only need cosmetic updates so you can make improvements yourself and build up capital.”
South Lismore residents have a median age of 39 years and nearly 55 per cent of those living in the area are under the age of 50.
Mr Gordon said buyers were predominantly young couples and investors.
"In South Lismore over the last 18 months the market has been fantastic,” he said.
"Investors like the area because the rental yields are so good.”
He said a two bedroom timber house at 142 Casino St, priced at $329,000, was generating strong interest.
Mr Gordon said the residence, which features polished floor boards, was on a 594sqm flat block.
"This house has a new kitchen and bathroom and is ready for someone to move into and relax,” he said.
"Ready to go without having to do anything,
"It is ready to go without the buyer having to do anything and is a really good example of what's available.”
Mr Gordon said a shortage of properties on the market means now was good time to list.
"If you are thinking of selling then now is the time,” he said.