Northern Rivers Property Factsheet 1st Half of 2019
The Northern Rivers* area recorded a median house price of $410,000 in Q1 2019, and a median unit price of $330,000. This represents annual (Q1 2018 – Q1 2019) price shifts of -6.3% (house) and 5.8% (unit). These figures indicate units have shown superior short-term capital growth retention capacity, whilst houses have become more affordable for first time home buyers.
The Northern Rivers* area recorded a median house price of $410,000 in Q1 2019, and a median unit price of $330,000. This represents annual (Q1 2018 – Q1 2019) price shifts of -6.3% (house) and 5.8% (unit). These figures indicate units have shown superior short-term capital growth retention capacity, whilst houses have become more affordable for first time home buyers.
The City of Lismore Local Government Area (LGA), by comparison, saw a median house price of $375,000 and a median unit price of $255,000 in Q1 2019. This represented annual (Q1 2018 – Q1 2019) price shifts of -10.7% (house) and -10.5% (unit). The Northern Rivers* area provide higher capital growth overall than the wider Lismore LGA over this period, as well as attracting premium property pricing.
The Northern Rivers* median house rental price saw a 7.9% annual (Q1 2018 – Q1 2019) growth to reach $410 per week in Q1 2019. Meanwhile units recorded a slight softening of -1.7% over the same period, moving to a median rental price of $290 per week. Overall the rental market activity in the Northern Rivers* have increased, up by 38.1% (houses) and 16.7% (units) annually (Q1 2018 – Q1 2019). Low average times to rent of 24 days (house) and 23 days (unit) in Q1 2019 were further indicators of a healthy rental demand. Solid average rental returns of 4.5% (house) and 4.6% (unit) in December 2018 sat well above Sydney Metro’s 2.9% (house) and 3.8% (unit), highlighting the Northern Rivers* as a profitable property investment alternative.
Between the 2nd half of 2018 and the 1st half of 2019, Northern Rivers* is set to benefit from an estimated $65.3M worth of commencing project development. The majority (53.4% or 34.9M) is focused on infrastructure, while residential (24.9% or $16.3M) and commercial projects (20.7% or $13.5M) are also significant.
