Astute Buyers Grab Property Bargains
In the last quarter of 2012, an increase in the median house price occurred in Ballina, Lismore and Richmond Valley.
The first part of 2012 saw the property market struggling but in December 2012, the median house price for Ballina increased by 1.3% to $470,000. Similarly, Lismore saw a 1% rise to $335,000 over the quarter.
The Richmond Valley Shire received even better results. In the final quarter of 2012, median prices increased by 3.64% to $285,000.
However, Byron Shire experienced a drop in the median house price by 1.82% to $540,000. This most recent price drop was comparatively small when considered against the 9.8% price drop that the Byron Shire saw in the twelve months before December 2012. Some buyers are taking advantage of the market conditions, such as Janet McGoulrick, who snapped up a three bedroom, two bathroom property in Lismore for just $278,000.
CEO of the Real Estate Institute of New South Wales, Tim McGibbin, said that the market was seeing increasing confidence due to recent interest rate cuts. He said that Australians were also realising that their property market was not being negatively impacted by overseas trends.