Ballina property market remains firm: HTW residential
The impact of the COVID-19 virus is yet to be realised by the local market, however is having a major impact on local businesses in the areas of Lennox Head, Ballina and surrounds, according to a recent Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes verbal discussions with local agents indicate a decrease in interest in listed properties along with a decrease in vendors placing properties on the market.
The North Coast of New South Wales has seen very little infections, with the majority of infections recorded in the Byron Bay locality.
The closure of the Queensland border has had an impact on local business and in turn has had a negative impact on open houses in the local area.
Agents remain positive for the North Coast due to the recent surge of people retreating from the major cities. This coupled with economic uncertainty has helped keep property prices inflated in the coastal areas.
"So far, we are still in a fairly firm market with some recent sales in Lennox Head, Ballina and surrounding areas making good prices.
"Sales of vacant land in Epiq and surrounding areas have slowed slightly with some local builders indicating that land owners are postponing building till the economy stabilises," the valuation firm said.
The market drivers within the sought-after coastal areas of the Ballina Shire are typically influenced by the performance of capital city markets - most notably the Sydney and Melbourne markets and to a lesser extent the Brisbane and coastal south- east Queensland markets, the report noted.
Whilst the demand resulting from these capital city markets has typically been concentrated in the more desirable areas of Byron Bay and the surrounding localities, in more recent years potential purchasers have expanded their searches into the desirable areas of the Ballina Shire - most notably Lennox Head, Skennars Head and East Ballina, as well as the rural localities of Newrybar, Brooklet, Fernleigh and Tintenbar.
A four bedroom house in Wollongbar has recently been sold for $640,000.
The family home at 5 Analei Street (pictured below) comprises open plan kitchen, dining and lounge, four large bedrooms, sunroom and double garage.
It also features in ground pools, large garden and solar power.
A current listing is a two bedroom townhouse in Ballina with a price guide of $460,000 to $490,000.
The 7/58 Martin Street home (pictured below) comes with new kitchen, two bedroom upstairs, balcony and courtyards.
It is situated close to school, hospital, parkland and town centre.
