Lismore Property Update 1st Half of 2020
In Q1 2020, Lismore recorded a median house price of $422,000, and a median unit price of $325,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 8.3% for houses and 21.5% for units. Between Q1 2019 – Q1 2020 total sales slowed for house, by -11.7% to 144 sales, but increased for units, by 92.9% to 27 sales. The property market in Lismore is showing signs of growth, particularly for units. There is a unique opportunity for house owners, whereby they can be more confident of their property value.
Average vendor discounting between Q1 2019 and Q1 2020 has tightened to -4.0% (houses) and -3.8% (units). Market conditions in Lismore have slightly shifted to favouring vendors, where buyers need to offer closer to the listing price. There are signs of market recovery, with an increase in demand due to low interest rates. Buyers can still capitalise on a discount, thus now is the time to enter the market.
House rental yields in Lismore were recorded at 3.9% in December 2019, slightly below Casino (4.6%) but significantly above Sydney Metro (2.7%). Over the 12 months to Q1 2020 house median rental price remained stable at $410 per week, and unit median rental price slightly softened by -1.8% to $280 per week.Lismore recorded a vacancy rate of 1.4% in December 2019, which has remained stable over the past 12 months and is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. It is also well below Sydney Metro vacancy rate of 3.6%. This confirms there is a healthier demand for rental properties in Lismore and with a more affordable entry price compared to Sydney Metro, makes it an ideal area for investment.