Ballina prestige sector dependent on Sydney market: HTW residential

The prestige market in the Ballina Shire is typically concentrated within the coastal localities of Lennox Head, Skennars Head and East Ballina as well as the sought after northern rural localities such as Newrybar, Brooklet, Knockrow, Fernleigh and Tintenbar.

The latest Herron Todd White (HTW) report suggests the performance of the prestige market within these areas is no different to the prestige market within the Byron Shire in that it is traditionally related to the performance of capital city markets, most notably Sydney and to a lesser extent Melbourne and south-east Queensland.

"The most notable sale within the Ballina Shire over the past 12 months is 1 Rocky Point Road, Lennox Head (pictured above) which transacted for $6 million in August 2019 after an extended selling period in excess of 18 months," the valuation firm said. 

The HTW report notes this represents a market leading sale for a residential property in the Ballina Shire.

The property comprises an executive quality four- bedroom, two-bathroom, two-level residence with three car garage and resort style pool situated on approximately one acre surrounded by reserve with extensive northerly ocean views over Boulders Beach towards Lennox Head in the distance.

"It is of interest to note that this property previously sold for $3.1 million in March 2005," the valuation firm added. 

"The market leading sale for a strata titled property within the Ballina Shire is 1/9 Rayner Lane, Lennox Head (pictured above) which transacted in December 2018 for $2.7 million," the valuation firm stated. 

This property comprises a ground level four-bedroom, two-bathroom duplex unit which adjoins beach front reserve and has unrestricted ocean views to the east.

The property previously sold in May 2007 for $2.4 million.

"The market leading sale within the rural localities over the past 12 months belongs to the property at 219 Old Byron Bay Road, Newrybar (pictured above) which sold in July 2019 for $3.9 million," HTW said. 

This property comprises a 45.37 hectare (approximately 112 acres) lot which is generally considered prime grazing country with district views and is improved with a semi-modern architect designed residence.

Again this property was subject to an extended marketing campaign, having been listed since October 2018.