‘REMARKABLE’: Northern Rivers house prices still surging
HOME owners in Northern NSW are sitting pretty, as new research reveals the majority of towns have seen an increase in property prices.
While part of this resilience in values and improved market activity can be attributed to the massive amount of government stimulus and to the mortgage repayment holidays on offer, but other market driven factors are also at work.
Head of Research Australia, Eliza Owen, said towns such as Lismore, Ballina, Casino and Tweed Heads, saw residential properties increase in value.
According to the latest CoreLogic Home Value Index, this is in contrast to each of the five largest capital cities recording a decline in home values over the month, ranging from a drop of 0.08 per cent in Brisbane, 0.0 per cent Sydney, 1.1 per cent in Melbourne and Perth to 0.2 per cent in Adelaide.
Lismore's median house price is currently $344,000 and homeowners have seen a 4.2 per cent annual rise in value, Ms Owen said.
"I think regional housing markets may be relatively insulated because of the lower levels of investment," she said.
"For the Richmond Tweed area not to have seen a decline is remarkable."
However, Ms Owen said towns which relied heavily of international visitors, tourism and hospitality ‒ such as Byron Bay, where the median house price is $1,165,368 ‒ have had a rougher time.
Properties there experienced a drop of 1.7 per cent in value in the last quarter.
Real estate agent Katrina Beohm said a scarcity of advertised supply was one factor helping to insulate home values.
She said there's a real shortage of stock while there was immense interest from buyers from capital cities.
"Prior to Easter it was very quiet at Lismore and Byron but right afterwards the number of buyers doubled as has the number of clicks on our properties," she said.
"People now want to work from home somewhere nicer than a city we are getting incredible interest from Melbourne, Sydney and Brisbane.
"There's a huge shortage of properties for people who are looking right across the board from first time owners to downsizers to those looking to upsize."
Town Median Price
Ballina - $625,316
Ballina Region - $559,303
Byron Bay - $1,165,378
Casino - $291,261
Casino Region - $278,374
Kyogle - $295,281
Lismore - $344,322
Lismore Region - $605,172
Tweed Heads - $548,812
Tweed Heads South - $523,590