MEMORY LANE: The changing price of real estate
WHEN auctioneers John Deegan & Co were in business in Lismore in 1959, house prices were a far cry from where they are today.
On this day 59 years ago one house on the market had two bedrooms with a sleep out, two large sun verandahs, a bathroom and even an office.
There was a garage and the house was furnished with wall to wall carpets, curtains, blinds and light fittings.
It was on the market for the princely sum of 4,490 pounds.
There is also the house that had two bedrooms and a sleep out with one sunny verandah and an open fireplace.
It was located on park-like grounds and on the market for 3,900 pounds.
Farms on the market were going for 80 pounds an acre, making one dry run adjoining the town of 120 acres available for 9,600 pounds.
The land was rich, dark soil with an abundance of water, bitumen road frontage and an ideal building site.
A small business such as the milk bar and fruit shop that was on the market 59 years ago was 2,800 pounds with a guaranteed profit of 40 pounds per week.
Fast forward to today and on the real estate website, realestate.com.au, a three bedroom house under contract with one bathroom and one garage in Lismore has sold for $359,000.
A property on Lagoon Grass Road for 40 acres is available for $349,000 or $8,725 per acre.