Townsend, Yamba and Maclean affordable options for first time buyers: HTW

In the Clarence Valley there are opportunities for first home buyers to purchase a property that is ripe for renovation, according to HTW’s Month in Review: March 2017. 

The valuation firm says there is a range of townhouses available below $400,000 in Yamba and in Maclean, where less than 30% of recent recorded sales were over $400,000.

“Residential development in Townsend is creating an appealing product marketed to first home buyers,” it says.

“This locality has both vacant land and house and land packages available for less than $500,000.”

HTW suggests these areas for home buyers:

• Townsend – Suited to first home buyers that are interested in a brand new product. Townsend creates a perfect environment for vacant land as well as land and housing packages - that are available for less than $500,000.

• Maclean – Suited to first home buyers in the market for perhaps an older product, holding the potential/opportunity for renovation

• Yamba – Suited to first home buyers that are in the market specifically for townhouses/ units. This area provides the most opportunity/widest range of different units for sale.

“Often a premium is paid for brand new product and this may not always be recouped at the time of the next sale if the market has not continued to benefit from capital gains,” HTW says.

“However, there are no overwhelming dangers for these buyers given current market conditions.

“The biggest mistakes that you see first time buyers making in this area is that it is possible that they may overcommit or forget the illiquid nature of property as an asset.”

A three bedroom house at 57 Woodford Street, Maclean (above) has been listed for $315,000.

Similarly a two bedroom house at 32 Jubilee Street, Townsend (below) has been listed for $227,500.