Regional NSW Property Market Update November 2019

Lismore Property Updates

69 Ocean Drive, Evans Head sold for $800,000.

A development site with some of the hard work already done provides potential for this property.

Already possessing a development approval for the erection of a residential flat development comprising a three-bedroom unit and three two-bedroom units as determined by Richmond Valley Council on 6 July 2001, substantial work has already been commenced.

This rare vacant allotment in Evans Head has dual access, Evans River views and all utilities already brought to the property.

46 Baldock Drive, Mcleans Ridges sold for $1.25 million.

This quality award-winning Del Casa designed home was built in 2013 and presents as new. The orientation of the dwelling maximises the views over the Eltham Valley and the Nightcap Mountain Range from every bedroom and living area.

This house is a winner and previously sold for $1.1 million in 2017. So, capital growth, great views and an award-winning home all in one package equals a winner.

Speak with a Lismore Mortgage Broker today.

Casino/Kyogle Property Updates

Residential properties that fit the flash and the furious mould within the Kyogle and Casino regions are rather slim in number. For these rural towns, any detached house within the residentially zoned area achieving a sales figure above $500,000 certainly invokes a “saaay whaaaat??!” response in the locals.

A case in point is the sale recorded at 4 Rosewood Place, Kyogle for $518,000 in July 2019. Located in a 1990s era subdivision, the two-level, four-bedroom, two-bathroom house with three-car accommodation stands out from the rest having been fully renovated inside and out. Complete with tiered seating in the main lounge with an LCD projector and motorized screen, you have a veritable cinema under the roof!

In the popular satellite suburb of Gays Hill, near Casino, the most expensive house sale for 2019 was 6 Devon Court for $549,000 in July 2019. A more original 1990s, but extremely well maintained and spacious four-bedroom, two-bathroom home with two-car accommodation is a testament to the first owner’s care and attention. This level of price is generally found to be more akin with more modern houses….so this one was an eye-opener.

Rural residential properties usually command the upper price levels within close proximity to Casino and Kyogle, as they benefit from rural views and having the space and opportunity to go nuts on landscaping and ancillary improvements.

A unique property located on a well elevated 6.44 hectare site is 38 Chisholm Court, Collins Creek which sold for $700,000 in May 2019. Contemporary in its design with only three bedrooms, two bathrooms and a detached two-car garage, the house site affords panoramic rural and mountain views to the north and east and is only ten kilometres from Kyogle. Far enough away but not too far….as they say. No problems with water supply thanks to a recently installed bore.

In a recently developed rural residential estate in Naughtons Gap, approximately ten kilometres north-east of Casino CBD, we have 35 Ironbark Place, a four-bedroom, two-bathroom, modern home with two-car built-in garage and a lot of bells and whistles such as ducted air conditioning, solar power system, 12 x 9 metre machinery shed, inground pool and 130,000 litres of water storage, all on a 2.424 hectare site for $755,000 in June 2019. Every whim and wish catered for here!

Lastly, we have the larger, rural lifestyle properties that crack the $1 million plus ceiling and can leave a tear in the eye (or wallet).

Consider 3309 Bruxner Highway, Casino for $1.095 million in June 2019. A well laid out 40.33 hectare property with a 1990s, five-bedroom, two-bathroom, brick home with pleasant features such as a wide alfresco area, inground pool, three-bay garage and attached carport, fully equipped bore, dam…a machinery or store shed large enough to fit a Donald Trump Winnebago election troupe travel group – yeah… that’s big. Together with clean flat to easy undulating topography and a short ten-minute drive from Casino, you can have the luxury of residential and rural living in one package.

Similarly, a 41 hectare property at 1233 Collins Creek Road, Collins Creek is only 14 kilometres north of Kyogle CBD and includes a beautiful three-bedroom, two-bathroom homestead set amongst whispering gums with panoramic north-easterly rural views and views of Border Ranges National Park. The clean and improved pastures keep the cattle happy as well whilst you lounge on the open verandah and take in the cool breezes and eye-catching scenery. At $1.01 million in June 2019, you would think this is a bargain!

With the recent cut in interest rates, one would be forgiven for casting an eye on the more pricey real estate. A brief glance at the residential market for Casino and Kyogle shows only a handful of properties listed in the $500,000 plus price bracket and they appear to be sticking around.

However, this is not the case for rental accommodation in Casino and Kyogle with the bulk of the rental stock being listed and quickly occupied. At a rental range of $250 per week to $500 per week, there is a sensing of tightening in supply throughout.

For larger rural lifestyle properties near Casino and Kyogle, the $1 million-plus price bracket listing is becoming more apparent for well-presented rural lifestyle properties with a plethora of features such as a creek or river frontage, elevated rural or mountain views and good quality and range of improvements.

In summary, the Casino and Kyogle region has its share of eye candy and there appears to be a market demand to savour it.

Ballina Property Updates

The prestige market in the Ballina Shire is typically concentrated within the coastal localities of Lennox Head, Skennars Head and East Ballina as well as the sought after northern rural localities such as Newrybar, Brooklet, Knockrow, Fernleigh and Tintenbar. The performance of the prestige market within these areas is no different to the prestige market within the Byron Shire in that it is traditionally related to the performance of capital city markets, most notably Sydney and to a lesser extent Melbourne and south-east Queensland.

The most notable sale within the Ballina Shire over the past 12 months is 1 Rocky Point Road, Lennox Head which transacted for $6 million in August 2019 after an extended selling period in excess of 18 months. This represents a market-leading sale for a residential property in the Ballina Shire. The property comprises an executive quality four-bedroom, two-bathroom, two-level residence with a three-car garage and resort-style pool situated on approximately one acre surrounded by a reserve with extensive northerly ocean views over Boulders Beach towards Lennox Head in the distance. It is of interest to note that this property previously sold for $3.1 million in March 2005.

The market-leading sale for a strata-titled property within the Ballina Shire is 1/9 Rayner Lane, Lennox Head which transacted in December 2018 for $2.7 million. This property comprises a ground-level four-bedroom, two-bathroom duplex unit which adjoins beachfront reserve and has unrestricted ocean views to the east. The property previously sold in May 2007 for $2.4 million.

The market-leading sale within the rural localities over the past 12 months belongs to the property at 219 Old Byron Bay Road, Newrybar which sold in July 2019 for $3.9 million. This property comprises a 45.37 hectare (approximately 112 acres) lot which is generally considered prime grazing country with district views and is improved with a semi-modern architect-designed residence. Again this property was subject to an extended marketing campaign, having been listed since October 2018.

Clarence Valley Property Updates

Across the Clarence Valley, 2019 has seen a number of strong and in some cases record-breaking sales.

Some of the region’s best-known beach locations such as Iluka and Yamba were no exception. Iluka saw 46 Queens Lane sell for $945,000. A quaint cottage with direct frontage to a sandy riverfront and riverwalk, the Queens Lane sale was the highest single-use residential sale for Iluka over the course of the year and proved that location and views are still what it’s all about. As for Yamba, its unique position caters for prestige riverfront or river view and beach view and continues to lure many to the town. Throughout the course of 2019, its residential market showed the furthering of the gap between suburban Yamba and Yamba Hill. Whilst the first showed a stabilisation trend, the latter shot up and proved to be one of the most improved locations in the Valley. Yamba Hill, with its easy access to beaches and food and retail outlets, saw sales between $900,000 and $2 million, with a sale of land with no views at 13 Ager Street for a staggering $615,000.

At present, there are a number of pricey properties, some of which are incredibly unique. For instance, the offering of 718 Goodwood Island Road, Goodwood Island occupies almost the entire island and features a landing strip while the nearby listing of Gourd Island, is in fact for a whole island, complete with its own private barge access.

Overall, the Clarence Valley’s varied composition ensures each year’s sales are a little different to the last and one is never entirely sure what or where a listing may pop up.

Coffs Harbour Property Updates

When talking prestige property on the Coffs Coast it is important to understand what the prestige market sectors constitute.

Typically properties priced over $1 million are considered prestige with the majority of sales within this market sector ranging between $1 million and $1.5 million. Sales between $1.5 million and $2 million become decidedly more scarce, typically numbering less than ten per year and those in excess of $2 million are like hens’ teeth.

Let’s start with the unit market. Typically there are very few sales over $1 million, with the most recent highest sale of note being a penthouse unit in the Seashells highrise complex at Park Beach going for $1.65 million. The unit has a total strata area of 231 square metres, affording extensive coastal and hinterland views with the normal upmarket features and complex facilities.

The next is located within the sought after Jetty precinct of Coffs Harbour along Camperdown Street selling for $1.5 million. This is a circa 2010, three-bedroom, two-bathroom contemporary unit, situated in a low rise complex of nine units. The unit has an easterly aspect with unrestricted harbour and ocean views and strata area of 311 square metres. It is interesting to note that this property previously sold in 2010 for $1.55 million.

Over this value level, there is no recent sale to draw from other than noting two prestige units currently listed for sale within Sea La Vie at 131. Victoria Street asking $1.995 million and $2.295 million. This complex is also located within the Jetty precinct. The units comprise three bedrooms, three bathrooms and a two-car garage in an architect-designed three-unit complex affording a high position with extensive coastal and mountain views north. They are single-level design with extensive patio and private plunge pool.

The beachside housing market again has experienced very few sales over $1.5 million this year, however, we have recently seen a $2.1 million sale within the prestige Charlesworth Bay precinct of Coffs Harbour. What is so special about this property is the location, affording a unique headland position of 3,173 square metres boarded on three sides by a regional park with access to the beach.

To find properties in excess of the $2 million mark, we have to venture further from the beach into the rural surrounds with the most recent being in Walters Road, Upper Orara achieving a respectable $2.6 million. Known as Orara Valley Estate, it can only be described as a rural retreat set on 28 hectares with an extensive five-bedroom executive style country home with secondary quarters, resort pool and manicured grounds located 15 minutes west of Coffs Harbour.

For something a little different we venture south of Coffs Harbour to the lesser-known area of Gumma or more specifically Barnetts Road, located eight kilometres east of Macksville along the pristine Warrel Creek. This property achieved a respectable $2.025 million and comprises a unique rural lifestyle holding with a single level, five-bedroom, three-bathroom architect-designed dwelling with five-car detached garage set on a 40-hectare lot with 400 metres frontage to Warrell Creek.

As expected, these high end properties appeal to a select and discerning market and are typically purchased by out of town capital city buyers and require longer than normal selling periods to find the right buyer.

Speak with a Coffs Harbour Mortgage Broker today.

Southern Highlands Property Updates

The Southern Highlands property market has a long history of attracting interest from the who’s who of corporate Australia and as we near the back end of 2019 it appears that even after a somewhat weakened general residential market, the prestige price point is still commanding some very strong sales.

The highest reported sale for the year was of investment banker Mark Burrows’ Widgee Waa landholding in East Kangaloon. The property is made up of 155 hectares and has allegedly traded hands for over $14.5 million to none other than tech billionaire and Atlassisan co-founder, Mike Cannon-Brookes. That purchase is the third property Cannon-Brookes has acquired in the Southern Highlands in the past three years. The entrepreneur purchased a 45 hectare property just up the road in 2018 for $5.35 million as well as a large landholding in Joadja in 2016, taking his total portfolio in the Highlands to over $20 million.

Other notable sales in the area included a $9.25 million purchase on Bresnahans Lane in Avoca. The property is a 40 hectare holding with the main residence having a total living area of over 900 square metres as well as an indoor pool, full-sized tennis court and a barn of over 450 square metres. The residence has changed hands twice in the past three years, achieving $8.1 million in 2017 and indicating that the prestige market in the Highlands has held fairly strong even as the general residential market deteriorated across New South Wales into 2018.

Goulburn Property Updates

With spring in full swing, the end of the year drawing near and signs of the market beginning to stabilise, let’s reflect on some of the most expensive, biggest and the most weird and wonderful properties sold in the Goulburn region in 2019.

On the market for eight months, this historic 1861-built residence in Cowper Street sold for a record $2.15 million in March this year. This property was originally six rundown apartments and was restored to a single residence in 2004. The home is a Victorian Italiante country style house that has been extensively renovated internally, features five bedrooms, three bathrooms, a three-car detached garage and is located on 2,567 square metres in arguably Goulburn’s most prestigious blue ribbon precinct. Despite the general residential and prestige high-end market being notably weaker than previous years, this country mansion is now the most expensive home in Goulburn, topping 15 Abbey Road, Goulburn which sold for $1.802 million in September 2018.

Sold at auction for $1.07 million in September, this double-storey brick grand old property in Bradley Street is also located within Goulburn’s blue-ribbon precinct. Set on just under an acre of established parklands, the 1883 residence comprises six bedrooms, two bathrooms and two kitchens. The historic ornate features throughout include the original slate tile roof, 14 foot ceilings, grand central timber staircase, wrap-around verandah and leadlight windows. However, we feel the property could be significantly enhanced with some painting and small renovation works to bring it up to 2019, whilst still keeping within the style of that period.

This property in Tallong consists of six large yurt-shaped structures surrounding a central courtyard and can only be described as honeycomb cells from a bird’s eye view. The residence contains four bedrooms and two bathrooms and features cathedral-like ceilings, floor to wall double glazed windows and timber-lined ceilings and walls throughout. The architecturally designed dwelling is located on a heavily timbered 1.33 hectares within the safe gated community of Tallong Park Estate. Levies by the Tallong Park Association Inc are currently $1,346 per annum which allows the property owners and their invited guests to make use of the nine-hole golf course, tennis courts, 12.5 metre indoor heated swimming pool, bushwalking tracks, horse riding trails and picnic areas.

Albury Property Updates

The Albury prestige property market offers discerning purchasers a choice of location, size, quality and an array of ancillary improvements. Thus far in 2019, there have been 27 dwelling sales in the $700,000 to $1.4 million range, with only four over $1 million. Despite the very strong central Albury market dominated by character dwellings, the best address has proven to be modern Chamberlain Close, with three sales over the past two years all between $1.1 and $1.2 million. The most recent transaction was off-market in April. 15 Chamberlain Close sold for $1.2 million. This is a modern well-appointed circa 2012 home with a pool on a 744 square metre level block within walking distance of the CBD. This segment of the market is stable and thinly-traded due to the sought after location and the very limited stock of new or modern homes in a central location.

Rest assured that if you have a million dollars to spend in Albury, there won’t be anything to spend once you move in. Just up the hill from the central flats, 699 Uralla Place, Albury sold for $1.08 million in January. The property is a highly renovated circa 1965 part two-level, four-bedroom, three-bathroom, four-car-garage with a pool on a moderately sloping 930 square metre block, proving the market will pay for someone else to do the renovation work.

The aerial images highlight that at the top end of town, size and amenities matter, but if you are feeling a bit claustrophobic from all house no yard, the prestige residential lifestyle property might tick all the boxes. In February, 4 Hawksview Road, Wirlinga sold for $1.1 million, so is comparable to our in town examples price-wise. Set on 8,098 square metres, there isn’t room for horses however the property comprises the original 1930 cottage in addition to a very well-appointed colonial-style four-bedroom, two-bathroom, two-car brick home with wrap around verandahs, pool, tennis court and large workshop located 14 kilometres from Albury and only one kilometre from Lake Hume.

The prestige rural lifestyle market segment again is thinly traded, highly sought after and has a small pool of potential purchasers.

To conclude our Albury wish list with the biggest and the best, in March, 26 Old Sydney Road, Table Top was the highest sale at $1.35 million. Everything about this property was top notch for the area. A circa 2005, five-bedroom, two-bathroom, three-car residence (324 square metres of living) set on established manicured gardens with panoramic countryside views on 3.15 hectares featuring pool and large workshop only 16 kilometres from town with Lake Hume just down the road.

There are currently three listings in Albury in the $1 million price bracket. Interestingly, these include a character dwelling in town, a character dwelling on a large block in Thurgoona and a rural lifestyle in Table Top, so take your pick, Albury offers the lot.

Tamworth Property Updates

The bigger the better, whether that is dwelling size, land size or even the view – if you’re after high-end property in Tamworth they are all a must-have.

The high-end market in Tamworth can be broken into three distinct sections – the new, the old and the lifestyle.

In the new market, we saw 66 Campbell Road, Calala sell for $780,000. This property is a 2012 built home of exceptional quality. It was the improvements that pushed the property up the price ladder with an in-ground pool, workshop, granny flat and to top it all off views over the local farmland while still being an easy 650 metre walk to the local shopping centre.

For those who like a bit of character in their home, East Tamworth is the place to look with 109 White Street recently selling for $920,000. Now what you get for this type of money is an exceptionally well maintained and renovated circa 1940 double brick home with incredible views over the city of Tamworth all nestled in manicured lawns to make the most of those summer days and the view. All of this and to be less than 1.5 kilometres from the CBD! What a home!

Last but certainly not least is the lifestyle market. What we mean by lifestyle is any property from one hectare up to ten hectares where you have room to move and space to run a horse, motorbike or just enjoy not having neighbours too close.

So once you’ve chosen this route, you then need to decide whether you go new or old, as the lifestyle market offers you a range of options.

If you went new, then 4 Horseshoe Place, Moore Creek sold for $820,000, which would have given you a four-year-old house with a whopping 319 square metres of living of the utmost quality throughout. Add to this the 2.31 hectares of space and the large workshop and the home is ready to go.

The downside of new, however, is the lack of established gardens and ancillary improvements. This is where 939 Daruka Road at $790,000 steps in, with its 2.03 hectares of landscaped gardens, in-ground pool and exceptional shedding. All the hard work is done with nothing to do but sit back and relax.

Whatever your choice, the high-end of the Tamworth market will have a property to suit your needs with a number of options to ensure that your home ticks all of your boxes.

Speak with a Tamworth Mortgage Broker today.