Ocean Shores units price rise
UNITS in the suburb of Ocean Shores showed a 31 per cent price hike in the 12 months to April, massively outperforming other centres on the Northern Rivers.
The median price for units in the north Byron Shire suburb leapt from $290,000 to $380,000 in the year, according to real estate observer Property Monitor.
Ocean Shores was followed by West Ballina, on 22pc, with Ballina placed third on 13pc. Houses in Ocean Shores rose by 9pc, from $410,000 to $445,000, according to the website.
Median house prices grew by 10pc in four centres in the region –Alstonville, Casino, Evans Head and Mullumbimby.
Standout performer for house prices was Geneva at Kyogle, where 10 sold in the 2010 year. The hike was 20pc – with median prices rising from $260,000 to $312,000.
But the data provided on property websites has been criticised by one Lismore real estate agent.
Paul Deegan, principal of LJ Hooker, believes that such sites often contain typographical errors, and that the methods used to crunch the numbers can give a skewed view of the market.
“Figures based on the way the Bureau of Statistics divides towns such as Lismore into the CBD and the rest of the Local Government Authority make the town look like the ‘poor relation', next to centres such as Byron Bay and Ballina,” Mr Deegan said.
Statistics on the Property Monitor website stating that 13 units and 68 houses were sold in Lismore in the year to February belied the reality, Mr Deegan said.
“Everyone understands the term Lismore to mean the CBD, North, South and East Lismore, Girards Hill, Richmond Hill and Goonellabah,” Mr Deegan said.
“In which case, the numbers are: 313 houses sold in the eight months to February,” he said.
Lismore generally had many more property sales than either Ballina or Byron Bay, he said.