Buyers head east for great value
WITH more than 100 houses changing hands in the past 12 months, East Lismore is cementing its position as one of the most popular suburbs in the 2480 postcode.
According to new data from Core Logic, in the 12 months to June 30, 2018, 110 houses and 16 units changed hands with median price of $370,000 and $230,000 respectively.
House prices during this period increased 13.8 per cent and grew 15.6 per cent in the three years to June 30.
While units fell 10.5 per cent, they have proved a good investment in the longer term, with a significant 38.1 per cent increase in value in the three year to June 30.
East Lismore’s residential stock comprising 71 per cent houses, 14.1 per cent semi-detached and flats or units 6.7 per cent.
With a population of around 5,000, the median age of 40 years, the suburb is very popular with families, with 12 per cent of residents aged under nine and 24 per cent aged under 19 years.
Around 30.3 per cent own their homes outright, 26.3 per cent are paying off a mortgage and 39.5 per cent are renting.
Bounded on the west by the Richmond River and to the north by Ballina Rd, the suburb is home to Southern Cross University, the 41st Battalion, Royal NSWR, St Vincent’s Hospital and several well regarded schools.
With plenty of parks and recreational facilities, the area attracts families as well as professional couples and people studying at SCU.
East Lismore has a strong rental market, and currently the median asking rent if $350 a week.
Patch & Taylor agent Zell Bennett said a property at 57 Caldwell Ave, East Lismore, is on the market for $395,000.