Newspaper article The Northern Star (Lismore, Australia)

Lismore a Hot Spot for Affordability

Newspaper article The Northern Star (Lismore, Australia)

Lismore a Hot Spot for Affordability

Article excerpt

LISMORE could become known as the Northern Rivers' rebound town, as coastal locations become more and more unaffordable for home buyers.

In the latest report from Domain it was revealed that Lismore house prices dropped by almost 3% in the September quarter while coastal towns grew by 2% or more.

It also showed that since last year Ballina and the Tweed grew by a massive 12-13%, putting the median prices at $550,000 and $520,000 respectively.

Domain chief economist Andrew Wilson said buyers would begin to "take a second look at Lismore" as they are eventually priced out of those coastal markets.

"The Lismore median is $340,000, which is now more than $200,000 behind Ballina and a similar (figure) behind Tweed," he said.

"I think this will eventually work to attract buyers that have been priced out of those markets."

Mortgage Choice Lismore owner manager Tim Roberts, believes it's a real buyer's market in Lismore right now.

"Not only is property quite affordable at present, but interest rates are low," he said. …

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