Strong rental returns makes Northern Rivers good investment
RENT returns on houses are reaching for the sky in Lismore, Byron Bay and the Richmond Valley.
Each area has had an increase in rental yields over the past three months, the Domain Group rental quarterly report reveals.
Lismore had a 2% increase in unit rental returns and a 0.8% house return boost.
Byron Bay houses are fetching 1.8% more rent and Richmond Valley landlords are collecting an extra 3.7%.
Ballina units are also offering a good return with a 3.3% increase, but houses in the area are producing less rent following a -2.4% drop.
There were 299 houses and 115 units for rent in Lismore from August to September.
Nationally, the median rent for units decreased 0.4% over the September quarter while the median asking rent for houses decreased 0.3%.
Domain Group senior economist Dr Andrew Wilson said the Northern Rivers region was doing fine thanks to a number of factors.
"Most of the Northern Rivers area has been picking up," he said.
"The Lismore market is moving quite nicely. There are actually low numbers of properties available today; there's a lot of mixed economic activity and a lot of government activity, roadwork, infrastructure and development in the area which always stokes up rentals.
"I think we're saying that with quite solid rental growth over the last quarter and over the last year and with those low numbers of viable properties to continue." - APN NEWSDESK