Lismore Property Market Update 2nd Half of 2019
In Q3 2019, Lismore recorded a median house price of $416,000, and a median unit price of $295,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -3.0% for houses and a growth of 14.6% for units. Between Q3 2018-Q3 2019 total house sales slowed by -20.9%, to 167 sales in Q3 2019, and total unit sales remained stable, at 21 sales in Q3 2019. That said there has been a slight lift in market confidence in the past 6 months.
Average vendor discount between Q3 2018 and Q3 2019 has widened to -4.8% for houses and tightened to -2.4% for units. Market conditions in Lismore have remained in the buyers favour, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.
Over the past 12 months, house rental yields in Lismore increased significantly to reach 4.3% in June 2019. This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in Lismore across the same time period (up by 14.2% in the 12 months to Q3 2019).
3 bedroom houses have provided investors with +3.9% rental growth annually, achieving a median rent of $395 per week.
Lismore recorded a vacancy rate of 0.8% in June 2019, indicative of a declining trend and sitting below Casino (1.0%) and Sydney Metro (3.5%). There is a healthier rental demand in Lismore, benefitting investors with quicker occupancy.