The NSW Northern Rivers region is located around 100kms south of the Queensland capital, Brisbane, and is made up of several towns across the region. The most iconic of them all would be Byron Bay, known for its laidback, beach lifestyle and picturesque town centre.
Along with the towns of Ballina, Kingscliffe and Tweed, Byron Bay has been enjoying a very healthy property market growth over recent years. After experiencing a decline in 2011 and 2012, the region has since been on an upswing with house prices growing between 7-12% – good enough to rival any market outside of Sydney.
The beautiful beaches along this coast and sub-tropical weather lend itself very well to tourism and this is a major contributor to the local economy. An increase in visitors from the booming Asian middle classes, as well as interstate visitors, makes the Northern Rivers region very appealing for investors.
The Belongil Beach area is home to some of Byron’s most exclusive homes, with many being owned by wealthy Sydney-siders, Brisbanites and Melbournians for their vacation homes. Due to the hefty price tag these properties fetch, the median house price for Byron Bay is 965,000 – with some properties selling for over $5million.
NSW Northern Rivers Suburbs
Other notable parts of the region are Tweed and Ballina, with the median house and rental prices of $599,000 or $460 / week, and $472,500 or $440 / week respectively.
Lesser known Lismore (as far as tourism is concerned) is just 35km inland from the coast and situated on the Wilsons River.
Lismore is home to Southern Cross University which can make it a very appealing town for property investors looking to rent to the high number of students in the area. It’s also very popular with young families due to the affordability of housing and it’s a great location. The median house price is just $299,000, however, the median rental price is not too shabby at an average $340 a week, making it a good entry-level property investor’s opportunity.
If you’re in the market for a new property in these areas, a pre-purchase inspection is a must. Contact our Northern NSW building and pest inspectors today for more information on (02) 6680 8288 or make a booking online.