Lismore market picking up after flood affected halt: HTW residential
Since the beginning of 2019, it was expected that the residential and rural residential market in Lismore, Casino and Kyogle would soften with reduced sales activity and weakening demand, according to the latest Herron Todd White (HTW) residental report.
"From a general view point, this has occurred, albeit with some pockets of the market kicking this statement into touch," the valuation firm said.
"Firstly, following on from the ravages of floodwaters inundating parts of North and South Lismore and parts of Lismore Central during April 2017, the volume of sales activity and demand came to a virtual halt, however over the past six months, we began to see some positive movement."
With the stringent banking regulations now in place, flood affected areas with an estimated habitable floor height level below the estimated one in 100 year flood event height level will experience a lot of difficulty securing mortgage finance.
Nevertheless, those dwellings with a floor height above the estimated one in 100 year flood event height level have fared better and it is not uncommon now to see prices above $300,000 for part renovated dwellings in South Lismore and North Lismore.
The report notes that modern residential estates in the suburb of Goonellabah have continued to improve over the past six months with well improved, four-bedroom, two- bathroom dwellings sometimes breaching the $600,000 mark.
An example was a single level Goonellabah house which has recently been sold for $600,000.
Nestled on an 804 square metre parcel of land, the house at 181 Invercauld Road (pictured below) comprises four bedrooms, two bathrooms, open plan living and dining area, gourmet kitchen and outdoor entertainment.
Located within Wyralla Road Public School catchment area, the house is only footsteps to school bus stop and close to local amenities.
Casino and Kyogle on the other hand have seen a general slowdown in activity with only well- presented properties that have special features garnering more interest.
Being close to the town centre and providing modern appointments help improve the overall appeal, according to the HTW report.
"We note a recent construction of four good quality two-bedroom attached units within close proximity of the Kyogle CBD having no trouble securing tenants at the $350 per week price point," the valuation firm said.
A two bedroom unit within walking distance to Kyogle CBD has been offered for lease with a price of $375 per week.
The unit at 1/61 Ettrick Street (pictured below) comprises two bedrooms, living area, modern kitchen, and alfresco area.
Other features include air-conditioning in the main bedroom and living area, solar hot water and garage with remote controlled door.
