The town that will 'hold its own' in a real estate crash
THERE'S some good news for homeowners, with a new report revealing Lismore's residential properties are "holding their own".
On Tuesday the March 2019 report from property experts Herron Todd White revealed Lismore's housing market has remained stable despite the wild cycles experienced by capital cities and coastal markets.
HTW Lismore's director Martin Gooley said "we will hold our own".
"Lismore has traditionally not gone through the boom-bust cycle experienced by other markets," he said.
"We have a very high proportion of owner-occupier and local investors."
Mr Gooley said while the recent Royal Commission into banking had tightened lending finance availability, we have not seen a drive-up of supply.
"As long as supply holds relatively stable, I don't expect a major correction," he said.
"If it does happen it will be a soft one."
Having several significantly large organisations in the town means a fresh influx of property buyers, he said.
"We have some major employers such as Southern Cross University and the Northern NSW Local Health District which helps bring new people and purchasers here," he said.
"So I think our relative stability will see us ticking along.
"Even after the flood we did not have the doom and gloom crash many were expecting."
Herron Todd White's March 2019 report on residential properties had no surprises.
The report indicated the median prices within the Lismore market range from $275,000 in South Lismore to $430,000 in Goonellabah, while Lismore currently has a median house price of approximately $350,000.
The reason for such a large variation in price can be attributed to factors including environmental (flood), age of the housing stock and of course access to services.
Meanwhile in the rural townships of Casino and Kyogle area, data showed opportunities for the property investor, first home buyer and up-grader.
While still very affordable compared to other markets, the median price for houses in Casino is $288,500 while the median price of houses in Kyogle is $279,000.