Lismore Property Market Update 1st Half of 2021

In Q1 2021, Lismore recorded a median house price of $515,000, and a median unit price of $360,000. This represents annual (Q1 2020 – Q1 2021) significant median price growth of 20.8% for houses and 12.5% growth for units. Between Q1 2020 – Q1 2021 total sales increased, by 8.9% for houses (to 221 sales) and by 9.4% for units (to 35 sales). Median price growth alongside increased sales suggests real returns on capital investment in Lismore. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened to -0.3% for houses and swung to a premium of 1.7% for units. Unit market conditions in Lismore have become a sellers’ market, with buyers willing to offer above asking price. House sellers are achieving final sale prices closer to first list asking price, allowing buyers a slight discount.  

In March 2021, house rental yields in Lismore  were recorded at a healthy 3.8%. In the 12 months to Q1 2021 the median house rental price increased by 8.9% to $430 per week, with average days on the market declining by -19.7% (to 20 days). This places Lismore as a strong rental market, with room for more investors to enter the market.

2-bedroom houses have provided investors with +12.6% rental growth annually, with a median rent of $358 per week.

Also, in March 2021, Lismore recorded a significantly low vacancy rate of 0.4%, sitting well below that of Sydney Metro (3.4%). Vacancy rates in Lismore have continued to trend downwards since December 2019, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and currently at a historical low. There is still an influx of rental demand in the area, creating a highly conducive investment market for investors.