Property prices to triple

Coraki: Property prices are tipped to increase at 13 per cent a year.
Coraki: Property prices are tipped to increase at 13 per cent a year.

IF YOU missed out on that beach shack in Byron Bay when it was still affordable, then you better act quickly to buy a village property in Clunes.

According to a report prepared by the Australian Property Monitors, which was published in a Sydney newspaper over the weekend, property prices in Clunes were expected to more than triple over the next 10 years.

“I do expect prices will go up in Clunes,” said Wal Murray real estate saleswoman Katrina Beohm.

Ms Beohm said the village offered the best of both worlds and that was why people wanted to live there.

“It’s close to the CBD in Lismore, but it’s also close to the beach in Byron,” she said.

“Clunes is still very affordable compared with Byron.”

However, according to the report which projects house price figures for 2019, properties in Clunes will be more expensive than in Byron.

The average price of a property in Clunes in 2009 was $480,000. Property prices are expected to rise to $1,758,779.

While the average increase of properties across Australia is about 8 per cent a year, Clunes properties are expected to go up by 14pc a year.

Long time Clunes resident and owner of the general store, Peter Taylor, was sceptical about the figures.

“It sounds like bullshit,” Mr Taylor said.

“As long as Lismore Council doesn’t connect sewerage prices in Clunes won’t go up by that much,” he said.

Mr Taylor said there was land to be developed in the town, but a lack of sewerage was a sore point with the village progress association.

According to the report, Coraki also looks like another winning location. The average price of a Coraki property in 2009 was $228,000; by 2019 it is expected to rise to $764,000, an increase of 13pc a year.

Byron Bay property prices are set to more than double.

The average property price in 2009 was $635,000; by 2019 property prices are expected to reach $1,493,426, an increase of 9pc a year.

In Casino the average 2009 price will rise from $250,000 to $726,744 by 2019, an increase of 11pc a year.

In Ballina the average 2009 price will rise from $390,000 to $1,043,568, an increase of 10pc.

The figures are based on historical price trends which give an indication of how prices could grow in each location.

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