Lismore Property Market Update 2nd Half of 2020
In Q3 2020, Lismore recorded a median house price of $445,000, and a median unit price of $330,000. This represents annual (Q3 2019 – Q3 2020) median price growth of 6.0% (house) and 9.1% (units). Between Q3 2019 – Q3 2020 annual sales for houses increased by 10.2% (to 183 sales), however units declined by -25.0% (to 21 sales) due to low stock on the market. Median price growth indicate the Lismore property market is resilient amidst COVID-19, with buyers being confident in taking the opportunity to enter the market.
In the 12 months to Q3 2020, average vendor discounting has tightened for both property types, to -3.4% (houses) and -2.7% (units). Lismore provide unique opportunities. Sellers can achieve a final sale price closer to their first list price, whilst buyers can still benefit from a discount. Now is the time to transact.
In September 2020, house rental yields in Lismore were recorded at a healthy 4.1%. In the 12 months to Q3 2020, median house rental price grew by 6.3% to $420 per week. This is also in conjunction with average days on the market declining by 28.0% (to 18 days). Overall, this represents a resilient rental market throughout COVID-19 conditions.
2 bedroom houses have provided investors with +9.7% rental growth annually, with a median rent of $362 per week.
In September 2020, Lismore recorded a low vacancy rate of 0.6%, significantly below that of Sydney Metro (3.5%). Vacancy rates in Lismore recorded a declining trend since the height of COVID-19 in March 2020 and has always been well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Lismore.