Mullumbimby in demand with interstate buyers: HTW
Coastal areas continue to be the most in demand locations in Ballina and Byron Bay, according to Herron Todd White’s latest report.
However, the property valuation firm says locations which have traditionally been less sought after remain strong, with prospective buyers operating in a heated market prepared to overlook negative attributes.
“With significant increases in values over the past 24 months any increase in stock or reduction in demand will likely see a reduction in value,” the report stated.
“The increases in value would not appear to be sustainable.”
Mullumbimby appears to be the most desired location at present, while demand for lower priced units in the Ballina area is strong, whilst the $1 million plus market in coastal areas such as Lennox Head and East Ballina continues to perform well.
The report advised the demand in Mullumbimby was being fuelled by interstate buyers looking to find alternatives to the more expensive resort towns of Brunswick Heads and Byron Bay.
“The average house price point for the particular suburb of Mullumbimby ranges between $750,000 and $1 million,” the report advised.
“The product at this price point is varied between either an older style dwelling or newer product.
“The older dwellings comprise single level houses built about the 1950s located in the flat part of Mullumbimby close to the local township,”
A four bedroom house at 2 Palm Avenue, Mullumbimby (above) has been listed for $989,000.
Similarly a five bedroom house at 871 Main Arm Road, Mullumbimby (below) has been listed for $845,000.
“If interest rates remain low and the demand for these particular houses remains high, the current sustainability of these houses to the market place will remain unchanged,” the report said.
“People tend to be paying a significant premium for a renovated or revamped classic product in this suburb.
“There is both opportunity for renovation in Mullumbimby and for purchase of properties that have already had renovations done.”