Why city slickers are snapping up our real estate

NEW RECORD: A property with an indoor pool in East Lismore is predicted to set a new sales price record when it changes hands.
NEW RECORD: A property with an indoor pool in East Lismore is predicted to set a new sales price record when it changes hands. Support

HOME buyers from Sydney, the Gold Coast and Port Macquarie are snapping up quality properties in Lismore.

Real estate agent John Briggs, of Patch and Taylor Real Estate in Lismore, said the sale of renovated three and four-bedroom properties is being driven by buyers from outside the region.

"Lismore and the surrounding areas of the Northern Rivers is a much sought-after area as not many places in the world have the countryside, rainforests and beaches," he said. "They can buy a lifestyle with proximity to major capital cities, which is why Lismore is becoming an out-of-town buyers' dream."

Out-of-area buyers were generally seeking properties they could move into without having to undertake any renovations, Mr Briggs said.

"They are looking for quality houses but then we did sell an incomplete yurt to an arty guy from Sydney," he said. "But buyers are wanting three, four or five bedrooms and preferably two or more bathrooms."

Mr Briggs said SQM Research data showed the current rental yield for a three-bedroom house in Australia was 3 per cent.

"This is compared to Lismore's staggering 5.97 per cent," he said.

"Due to this, many residents and out-of-town buyers are favouring being owner-occupied rather than being tenants in a rental property."

Mr Briggs said East Lismore was undergoing a surge in popularity, with a home on the market at 7-9 King George Dr expected to break the top sales record when it sells.

The two-storey, four-bedroom, three-bathroom property on a 2137sqm block which features an indoor swimming pool, is expected to sell for about $850,000.

Topics:  east lismore lismore property northern rivers real estate real estate

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