Richmond-Tweed average house prices
Average Richmond-Tweed house prices have risen by 12.4% in the past 12 months, to $444,000, with Lennox Head leading the growth locally.
Like most regional areas in NSW, the Richmond-Tweed region’s rebound out of the global financial crisis has not been as strong as recorded in the capital cities, though they have recently returned to peak levels.
Over the past 12 months, the greatest annual growth in Richmond-Tweed has been enjoyed by Lennox Head (+19.4%), Terranora (+18.6%), Evans Head (+17.6%), Ocean Shores (+14.5%), East Lismore (+13.8%), Casino (+11.1%) and Lismore Heights (+10.8%).
For bargain house-hunters, houses with median prices under $250,000 can be found in Coraki, Kyogle, South Lismore and Broadwater.
The findings were released this week in the State of the State NSW Property Report, a report prepared by RP Data, Australia’s largest property research house, on behalf of St George Bank. The report shows NSW property prices have stabilised, on average, despite growth in some areas and falls in others.
Chief Economist for St George Bank, Justin Smirk, said the pause in average NSW regional property prices offers home buyers a chance to take stock and carefully consider their options.
“With prices back to 2004 levels, the easy bargains have gone. However, we believe there are still opportunities for home buyers who are prepared to do the research. This report is a good starting point,” he said.
“The good news about the Richmond-Tweed region property market, with rises in some towns and suburbs and falls in others, is it provides an opportunity for well-researched home buyers to carefully weigh up properties and make a smart move into the market.
“Affordability remains the biggest factor in NSW, given the shortage of new housing. Areas with higher rising incomes will continue to see increased residential property prices, while more affordable housing, typically in lower-income areas, will remain subdued.”
Mr Smirk said that, overall, the Hunter and Illawarra are predicted to have the strongest prospects for growth in regional NSW.
“Over the next 12 to 15 months we can expect to see some moderation in prices in the outer regions of Sydney as well as in certain parts of regional NSW as rising interest rates further constrain affordability of housing. However, given a broad based underlying shortage of housing in NSW, it is unlikely that we will experience a collapse in house prices. Fundamentally the NSW economy remains strong and the insufficient supply of new housing means affordability remains the biggest hurdle to potential purchases,” said Mr Smirk.
