Upswing in prices, but property bargains still available
AFTER a rough year in the property market, vendors in the Northern Rivers can breathe a small sigh of relief with new industry figures showing there was an upswing in median house prices across the region over the last quarter of 2012.
The latest edition of Real Estate Institute of New South Wales Property Profile report shows the median house prices for both Ballina, Lismore and Richmond Valley have risen.
In December 2012, the median house price for Ballina was $470,000, up 1.3% over the quarter, and in Lismore, the median house price rose 1% to $335,000 over the quarter.
It was even better in Richmond Valley Shire, where median prices jumped 3.64% in the last three months of 2012 to $285,000.
But things went backwards in Byron Shire with the median house prices dropping by 1.82% to $540,000.
The drop in Byron is relatively minor set against the price drop of 9.8% there over the past 12 months to December 2012.
Janet McGoulrick is one new buyer who has jumped in to the Lismore real estate market, snapping up a three-bedroom, two-bathroom home in Wyrallah Rd for $278,000.
Finance came from the sale of her house in Lennox Head, where the median price dropped by 0.6% to $576,500 over the last quarter of 2012.
"I love Lismore. All my family are here," Ms McGoulrick said.
"The house is close to the Base Hospital where I work and it's out of the flood zone."
Ms McGoulrick plans to rip up the carpets and polish the floorboards before moving in, sometime in early April.
REINSW CEO Tim McKibbin said confidence was returning to the market with the stimulus of recent interest rate reductions.
"In recent years, Australia has been unduly influenced by overseas markets," Mr McKibbin said.
"The reality is that many of those markets have little impact on the Australian economy.
"Over the last six months, Australians have realised that our economy and our trading partners are reasonably robust.
"The confidence that has come from that realisation has begun to surface and is (also) evident through an improvement in the share market."
Median Price: $470,000
Address: 4 Claremont Place,
Features: 3 bedrooms, 2 bathrooms
and double lock-up garage
Sales Price: $475,000
Agent Comment: The cheapest three-
bedroom house in Lennox
Agent: Century 21 Ballina
LGA: Byron Bay
Median Price: $540, 000
Address: 3 Raftons Rd, Bangalow
Features: 3-4 bedrooms, 2 bathrooms,
DLUG and carport
Sales Price: Offers between
$500,000 and $540,000
Agent's Comment: Landscaped
corner site of 1005sq m.
Agent: Bangalow Real Estate
Median Price: $335, 000
Address: 159 Wyrallah Rd,
Features: 3 bedrooms, 1 bathroom,
Sales Price: Sold for $278,000
Agent's Comment: Close to schools,
hospital and shopping centre.
Agent: Wal Murray, Lismore
LGA: Richmond Valley
Median Price: $285, 000
Address: 29 Hartley St, Casino
Features: 3 Bedrooms, 1 Bathroom,
Sales Price: $239,000
Agent's Comment: Totally renovated
and priced to sell.
Agent: PRD Nationwide