HOT PROPERTY: Northern Rivers home-owners are seeing their residential property prices gaining in value while those in many capital cities are seeing a decline.
HOT PROPERTY: Northern Rivers home-owners are seeing their residential property prices gaining in value while those in many capital cities are seeing a decline. Supplied

Will house prices drop on the Northern Rivers?

WHILE city home owners have seen a drop in house prices over the last year, regional property owners are in a far healthier position, with most seeing gain not pain.

House prices in Australia's five capital cities plummeted an average of 3.5 per cent over the past 12 months, with the sharpest drops in Sydney and Melbourne.

While this was a welcome trajectory for many first home buyers who felt they were being priced out of the market, owning a property in regional Australia remains much more affordable.

According to recent data from CoreLogic, overall house prices in the Lismore area rose 6 per cent in the 12 months to June 2018.

However, some suburbs within this council area saw much higher growth, with East Lismore prices up 13.8 per cent and Goonellabah 12 per cent over the same period.

CoreLogic's head of research, Tim Lawless, said healthier affordability was a key driver of housing demand across many of the regional areas of Australia.

"Demand for lifestyle properties is also ramping up,” he said.

"With home owners often in a much stronger equity position following the strong capital gains in Sydney and Melbourne, we are seeing this capital flowing into coastal and tree change markets, with buyers seeking out second homes or lifestyle upgrades.

"Finally we have also seen economic conditions become more broad based, with stronger jobs growth outside of the major cities, higher commodity prices and changing interstate and intrastate migration flows which has supported demand across many regional markets.”

How your LGA fared in 12 months to June 2018 (% increase)

Ballina: 10.5 per cent

Byron Bay: 4.6 per cent

Kyogle: 6.5 per cent

Lismore: 6 per cent

Richmond Valley: 8.7 per cent

Tenterfield: 7.3 per cent

Tweed: 8.5 per cent

House price increases in the 12 months to June 2018

Alstonville: 16.3 per cent

Ballina: 9.4 per cent

Bangalow: 7 per cent

Bonalbo: 4 per cent

Casino: 13.8 per cent

Clunes: 4.8 per cent

Coraki: 9 per cent

East Ballina: 16.3 per cent

East Lismore: 13.8 per cent

Evans Head: 17.4 per cent

Geneva: -7.6 per cent (decrease)

Goonellabah: 12 per cent

Lennox Head: 15.2 per cent

Lismore: 13.4 per cent

Lismore Heights: 5.6 per cent

Mullumbimby: 2.4 per cent

Nimbin: 22 per cent

North Casino: 14 per cent

North Lismore: 6.7 per cent

Richmond Hill: 6.8 per cent

Skennars Head: 10.2 per cent

South Lismore: 4.4 per cent

Suffolk Park: 0.7 per cent

Tenterfield: 2.7 per cent

Tintenbar: 17.6 per cent

Wardell: -10.1 per cent (decrease)

West Ballina: 26 per cent

Wollongbar: 6.1 per cent

Woodburn: 16.4 per cent.



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