Kyogle next real estate hot spot
KYOGLE is giving Byron Shire a run for its money as the best place to invest in real estate on the Northern Rivers.
Figures released by RP Data show that Kyogle Shire median house prices increased by an annual average rate of 13.3 per cent from September 1999 to September 2009.
The Byron local government area’s annual average increase was just 0.1pc higher than Kyogle at 13.4 per cent.
It is also far more affordable to invest in Kyogle where the median house price is less than 50pc of that in the Byron Shire.
The September 2009 median house price in Kyogle was $210,000 while in the Byron Shire it was $502,050.
Agent Terry Winkler, from Kyogle Real Estate, said he was not surprised by the figures.
“I’ve been in real estate here for 11 years and when I first got here the average price for a house was $80,000,” he said.
“More and more people are realising what we have to offer here.
“It’s still a country town, and that’s what appeals to a lot of people.”
He said his customers were a mix of young families, plenty of retirees, and locals buying second properties as investments.
“You can base yourself here and work in Murwillumbah, Casino or Lismore, and that’s what a lot of younger families are doing,” he said.
Licensee of John McMahon Realty, Anthony McMahon, said many South-East Queenslanders were drawn to Kyogle’s quiet atmosphere.
“A lot of inquiries come from Brisbane, the Gold Coast and Toowoomba because we’re still close to the border,” he said. “They love the scenery and the mountains and the village feel.”
Ballina Shire had the third highest annual average increase in median house prices on the Northern Rivers over the past decade at 11.6pc.
The annual average increase of median house prices in the Richmond Valley was 11.4pc and in Lismore it was 10.4pc.
Tenterfield and the Tweed’s annual average increases were both 12.6pc.HOUSE PRICES
MEDIAN house prices for local government areas in September 2009:
BALLINA: $455,000 (5.2pc below its peak of $480,000)
BYRON: $502,050 (8.7pc below its peak of $550,000)
RICHMOND VALLEY: $250,000 (2pc below its peak of $255,000)
TENTERFIELD: $180,000 (0.8pc below its peak of $181,500)
TWEED: $441,500 (6.1pc below its peak of $470,000)
KYOGLE: $210,000 (2.3pc below its peak of $215,000)
LISMORE: $295,000 (1.7pc below its peak of $300,000)
– Source: RP Data.