Residential property in Ballina Shire continued its strong and steady growth during the 2015-2016 financial year. The shire experienced an increase of 53% in the number of residential lots created compared with the previous year.
The number of housing starts increased slightly during the same period while the number of units decreased. The total number of commencements (for both houses and units) remained roughly steady overall at 257 new dwellings during 2015-2016.
This strong level of interest in Ballina Shire’s housing market was reflected in house values with the median house price growing by 9.9% and median unit price growing by 10.9% over the period, to $592,632 and $394,272 respectively by 2015-2016.
With the growth areas in Ballina, Wollongbar and Lennox Head continuing to develop, and new release areas in Kinvara and Skennars Head yet to come to the market, the residential growth prospects for Ballina Shire remain positive.
Council is preparing an economic development strategy for the shire which will look at the drivers of the local economy. The strategy will also examine opportunities and challenges including those associated with the residential development and construction sector.
Further information about the strategy and statistical information relating to the Ballina Shire economy can be found at www.ballina.nsw.gov.au (search economy).