Ballina prestige market buoyed by limited supply: HTW
Staff reporterDecember 7, 2020
The COVID-19 pandemic continues to have an interesting impact on the local housing market around the coastal area of Lennox Head to Evans Head, according to the November report from valuation firm Herron Todd White.
They found that there is very strong demand for properties which in turn has left agents with an ongoing limited supply of properties for sale.
"Our market seems to be mainly influenced by the movement of people from the major cities and in particular Sydney. This movement has kept property prices at a premium and in some areas has also resulted in a slight increase in values," according to HTW Property Valuer Bernard Walter.
"The building industry has also been given some relief though as the North Coast is now in the bubble which allows travel into and out of Queensland."
"Whilst 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," he added.
Property prices may be impacted once the mortgage relief and JobKeeper payment have been lifted.
Potential future impacts of COVID have left people with uncertainty as to jobs and incomes looking forward, which we may continue to experience in following years, HTW experts noted.
