Properties are selling quickly in the Lismore region.
Properties are selling quickly in the Lismore region.

Lismore homes ‘selling within days’

HUGE demand for homes in the Lismore area is seeing “well priced” properties sell within days of going on the market, real estate agents have revealed.

And it is not slowing down, even as the festive season and holiday period approaches.

Robert Horder from PRD Northern Rivers said the past six to 12 months had seen a major shift in Lismore’s real estate market.

“Prices have really increased,” he said.

“The ratio of buyers coming from out of the area to locals, it’s pretty much equal; there are just a lot more buyers generally at the moment.

“Everything is selling straight away.

“A well-priced property will sell within days.

“And with our virtual tours and drone footage, some properties are selling sight unseen. People are able to get a real feel for the place without even setting foot in it.

“That’s happened quite a bit, actually.”

Mr Horder said he believed a few factors were at play when it came to the Northern Rivers’ buoyant real estate market.

Interest rates are at a record low, to start with.

“And banks have eased up a little bit,” he said.

“Also, I think COVID has a lot to do with it, because people want the security of having their own home.

“Most buyers at the moment are owner occupiers.”

Melanie Stewart Real Estate, which is based in Alstonville but also sells properties through the Lismore region, confirmed the market was “hot”.

Posting on the agency’s Facebook page last month, Ms Stewart said: “I have over 50 buyers looking for properties, pre-approved up to $650,000.”

She urged people who were thinking about selling their homes to contact her.

According to realestate.com.au, the median house price in the Lismore area was $365,000 in November.

That’s up from $340,000 in May this year.

Sally Tindall, research director at RateCity.com.au, said new data from the ABS had shown the value of owner-occupier home loans settled in October throughout Australia hit an all-time high of $17.4 billion – up 31.2 per cent year-on-year.

All lending also hit a record high of $22.68 billion, up 23.3 per cent year-on-year.

Ms Tindall said one of the main contributors to this record busting month was first home buyers.

“House prices are on the rise, housing finance just hit a record high and first home buyers are finally making their mark,” she said.

“Housing credit seems to be flowing nicely.

“Record low interest rates, targeted government grants and last year’s changes to serviceability rules have all helped people get their home loan approved under the existing system.”