Is your home gaining value?
HOMEOWNERS in Lismore, Ballina, Kyogle, Richmond Valley and Byron have seen an increase in their property price, according to a new real estate report.
In Corelogic's latest Regional Market Update, the Richmond-Tweed region was the only region in NSW reporting an increase in sales over the year (3%) in the 12 months to September 2016.
There were 6074 dwellings sold in the 12 months to August 2016, 20% above the five year average for the region.
In the Richmond-Tweed region, data showed overall that houses and units saw gains of more than 6 per cent.
Corelogic's head of research, Cameron Kusher said
"Fewer properties available on the market was one of the key reasons we are getting good growth in the region," he said.
"Growth has been in excess of 6% for houses and units."
Mr Kusher said from a vendor's perspective, there's more demand.
"You are seeing a growing demand for lifestyle properties, particularity form Sydney," he said.
"Considering how much equity is in their properties means they could be buying an investment property or have sold their house and pay cash for a property up here."
However, Mr Kusher said there were still some opportunities to purchase in the region now.
He also said he expected growth to remain steady.
"I think over the next 12 months we will see more of the same," he said.