Lismore new residential building approvals indicate stable local economy: HTW residential
The usual resident population of Lismore in 2011 was 42,763 people.
By 2016 the population was 43,135 showing a slight increase during the elapsed period, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at what's bringing new residents to different residential markets or, conversely, driving them away.
The following table outlines the migration patterns for Lismore from 2011 to 2016.
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The following table indicates that the Lismore unemployment rate has decreased in the period from 2011 to 2016.
The report notes Lismore City’s building approvals are used as a leading indicator of the general level of residential development, economic activity, employment and investment.
"Residential building activity depends on many factors that vary with the state of the economy including interest rates, availability of mortgage funds, government spending and business investment," the valuation firm said.
The following table and chart indicate a substantial increase in building approvals in the past three years relative to the years prior to 2015.
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Source: HTW
"The statistics are an indication of a relatively stable local economy in the Lismore area with stable migration patterns, adjoining regions enjoying relatively solid growth and reasonable localised employment prospects.
"The Lismore area is increasingly being viewed as a more affordable alternative as the coastal areas of Ballina, Lennox Head and Evans Head reach price points that are beyond the reach of many people," the valuation firm said.
Demonstrating this is a simple price point comparison of what $500,000 can purchase in Goonellabah, a suburb of Lismore, compared with Evans Head, a beachside town with a population of only 3,100 people.
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30 James Road, Goonellabah (pictured below) is a well built, 2002, four- bedroom, three-bathroom, two level modern dwelling that sold very recently for $500,000.
3 Anson Avenue, Evans Head (pictured below) is an older high set residence consisting of one bedroom plus two enclosed veranda or sleep outs, together with an open plan lounge, dining and kitchen.
It has recently gone under contract for $530,000.
