Lismore, Casino and Kyogle residential markets attracting local investors: HTW
The Lismore, Casino and Kyogle residential markets remain stable, and are being primarily driven by local investors.
According to the June report from valuation firm Herron Todd White, the market segment is being driven primarily by the local market and doesn’t include many non-local investors.
Rural townships such as the Casino and Kyogle CBDs continue to remain steady with no drop in sales volume, according to the report.
The established housing sector remains steady and is the primary product purchased in the Lismore (pictured)/Casino/Kyogle shire.
The valuation firm notes that in general, there are not many new homes being sold in Casino or Kyogle, however, a high number of construction loans are ongoing for new builds in Goonellabah and Lismore and the occasional sale of a new duplex unit.
The rural residential property market located west of the Casino and Kyogle CBDs hasn’t seen much market movement lately and sales continue to remain relatively steady.
Sales in these secondary locations tend to not be as quick to market as those of the smaller residential sales that have a superior location.
Housing statistics in the Lismore region, specifically auction clearance rates, are generally good depending on the type of property in the market.
"Auctions of smaller residential properties seem to see the best results and have a steady presence in today’s market," the report said.
"The general outlook remains steady for houses in the Lismore/Casino/Kyogle shire as we move into the second half of the year", HTW suggests.
Values seem to be increasing and sale volumes remain strong.
As for units located in this area, there is not a lot of product and sales for this particular sector are thinning.
The main drivers for the Lismore/Casino/Kyogle market include retirees and people who wish to move closer to the CBD within these townships.
It is these sales that contribute to the continuation of steady market sales within this region, the valuers conclude.