Ballina

<html><body>
<div>The COVID-19 pandemic continues to have an interesting impact on the local housing market around the coastal area of Lennox Head to Evans Head,<span> according to the November report from valuation firm Herron Todd White</span>.</div>
<div> </div>
<div>They found that there is very strong demand for properties which in turn has left agents with an ongoing limited supply of properties for sale.</div>
<div> </div>
<div>"Our market seems to be mainly influenced by the movement of people from the major cities and in particular Sydney. This movement has kept property prices at a premium and in some areas has also resulted in a slight increase in values<span>," according to HTW Property Valuer Bernard Walter.</span>
</div>
<div> </div>
<div>"The building industry has also been given some relief though as the North Coast is now in the bubble which allows travel into and out of Queensland."</div>
<div> </div>
<div>"Whilst demand resulting from these capital city markets has typically been concentrated in the more desirable areas of Byron Bay and the surrounding localities, in more recent years potential purchasers have expanded their searches into the desirable areas of the Ballina Shire, most notably Lennox Head, Skennars Head and East Ballina, as well as the rural localities of Newrybar, Brooklet, Fernleigh and Tintenbar," he added.</div>
<div> </div>
<div>Property prices may be impacted once the mortgage relief and JobKeeper payment have been lifted. </div>
<div> </div>
<div>Potential future impacts of COVID have left people with uncertainty as to jobs and incomes looking forward, which we may continue to experience in following years, HTW experts noted.</div>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Ballina prestige market buoyed by limited supply: HTW

<html><body>
<p>The impact of the COVID-19 virus is yet to be realised by the local market, however is having a major impact on local businesses in the areas of Lennox Head, Ballina and surrounds, according to a recent Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
<div class="page" title="Page 29">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>The report notes verbal discussions with local agents indicate a decrease in interest in listed properties along with a decrease in vendors placing properties on the market. </span></p>
<p><span>The North Coast of New South Wales has seen very little infections, with the majority of infections recorded in the Byron Bay locality. </span></p>
<p><span>The closure of the Queensland border has had an impact on local business and in turn has had </span>a negative impact on open houses in the local area.</p>
<p>Agents remain positive for the North Coast due to the recent surge of people retreating from the major cities. This coupled with economic uncertainty has helped keep property prices inflated in the coastal areas.</p>
<div class="page" title="Page 30">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>"So far, we are still in a fairly firm market with some recent sales in Lennox Head, Ballina and surrounding areas making good prices. </span></p>
<p><span>"Sales of vacant land in Epiq and surrounding areas have slowed slightly with some local builders indicating that land owners are postponing building till the economy stabilises," the valuation firm said. </span></p>
<p><span>The market drivers within the sought-after coastal areas of the Ballina Shire are typically influenced by the performance of capital city markets - most notably the Sydney and Melbourne markets and to a lesser extent the Brisbane and coastal south- east Queensland markets, the report noted. </span></p>
<p><span> Whilst the demand resulting from these capital city markets has typically been concentrated in the more desirable areas of Byron Bay and the surrounding localities, in more recent years potential purchasers have expanded their searches into the desirable areas of the Ballina Shire - most notably Lennox Head, Skennars Head and East Ballina, as well as the rural localities of Newrybar, Brooklet, Fernleigh and Tintenbar.</span></p>
<p><span>A four bedroom house in Wollongbar has recently been sold for $640,000.</span></p>
<p>The family home at <a href="https://www.realestate.com.au/sold/property-house-nsw-wollongbar-133863474" target="_blank">5 Analei Street </a>(pictured below) comprises open plan kitchen, dining and lounge, four large bedrooms, sunroom and double garage.</p>
<p><span>It also features in ground pools, large garden and solar power.  </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/28/wollongbar.jpg" alt=""></span></p>
<p><span>A current listing is a two bedroom townhouse in Ballina with a price guide of $460,000 to $490,000.</span></p>
<p>The <a href="https://www.realestate.com.au/property-townhouse-nsw-ballina-133967578" target="_blank">7/58 Martin Street</a> home (pictured below) comes with new kitchen, two bedroom upstairs, balcony and courtyards. </p>
<p><span>It is situated close to school, hospital, parkland and town centre. </span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/28/ballina.jpg" alt=""></span></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</body></html>

Ballina property market remains firm: HTW residential 

<html><body><div class="page" title="Page 9">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>The coastal areas throughout the Ballina Shire saw some modest increase in value levels throughout the second half of 2019 and early indications are that buoyant market conditions are expected to continue in 2020, according to the latest Herron Todd White (HTW) residential report. </span></p>
<p><span>The valuation firm asked their v</span>aluers to give an educated outlook on the residential market in their service areas in February. </p>
<p><span>"Local agents report moderate levels of enquiry and low levels of stock, particularly within more sought after locations," the valuation firm said. </span></p>
<p><span>An oversupply of vacant land in the Lennox Head and Skennars Head market has been somewhat of a concern over the past few years, however the demand for this product appears to be enough to dismiss any such concerns, at least in the short term.</span></p>
<p><span>A Lennox Head coastal house has recently been sold for $1.51 million.</span></p>
<p><span>It was offered to the market first time in 98 years.</span></p>
<p>The three bedroom, one bathroom house is located at <a href="https://www.realestate.com.au/sold/property-house-nsw-lennox+head-132739074" target="_blank">5 Stewart Street</a> (pictured below). </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/10/lennox%20head%201.jpg" alt=""></p>
<p><span>It's located only 100m away from the Lennox Village and one block away from the Seven Mile Beach.</span></p>
<p><span>A current listing in Skennar Head is a five bedroom home priced at $1.265 million.</span></p>
<p>The family house with extra two bedroom flat is located at <a href="https://www.realestate.com.au/property-house-nsw-skennars+head-132736102" target="_blank">39 Killarney Crescent</a> (pictured below).</p>
<p><span>It features entertainment areas, </span>saltwater pool, separate study/lounge and kitchen overlooking the outdoor area. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/10/skennars%20head.jpg" alt=""></p>
<p><span>The proximity to Byron Bay and surrounds, coupled with the very limited amount of vacant land available for sale throughout the Byron Shire </span>would also limit any sort of correction should an oversupply occur within this sub-market.</p>
</div>
<div class="column">
<p><span>"In summary, healthy market conditions are expected to continue throughout the Ballina Shire on the back of low interest rates, with more sought after locations benefiting from the strong markets in Sydney and Melbourne," the valuation firm said. </span></p>
</div>
</div>
</div>
</div></body></html>

Ballina's healthy market conditions expected to continue in 2020: HTW residential 

<html><body>
<p>The residential market throughout the Ballina Shire began the 2019 year somewhat slowly.</p>
<p>It came after heated market conditions throughout 2016, 2017 and early 2018, according to the December 2019 report from Herron Todd White (HTW). </p>
<p>The valuation firm found that while market conditions were comparatively slow, no noticeable falls in value levels were experienced.</p>
<p>In the second half of 2019 there was a moderate increase in market activity, however local agents still report that listings need to be priced appropriately for any interest to be generated.</p>
<p>"The prestige market in the sought after coastal locations of Lennox Head, Skennars Head and East Ballina as well as the sought after rural localities towards the north of the Shire remain strong which can be partly attributed to the recent upswing in the Sydney and Melbourne markets," HTW said. </p>
<p>"Local agents report limited stock available for sale across this market segment, creating some upward pressure on value levels, however again listings need to be priced appropriately."</p>
</body></html>

Ballina Shire residential property market strengthened in late 2019: HTW Residential

<html><body>
<p>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.</p>
<p>The latest Herron Todd White (HTW) report suggests 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.</p>
<p>"The most notable sale within the Ballina Shire over the past 12 months is 1 Rocky Point Road, Lennox Head (pictured above) which transacted for $6 million in August 2019 after an extended selling period in excess of 18 months," the valuation firm said. </p>
<p>The HTW report notes this represents a market leading sale for a residential property in the Ballina Shire.</p>
<p>The property comprises an executive quality four- bedroom, two-bathroom, two-level residence with three car garage and resort style pool situated on approximately one acre surrounded by reserve with extensive northerly ocean views over Boulders Beach towards Lennox Head in the distance.</p>
<p>"It is of interest to note that this property previously sold for $3.1 million in March 2005," the valuation firm added. </p>
<p> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/19%20rayner%20lane%20lennox%20head.jpg" alt=""></p>
<p>"The market leading sale for a strata titled property within the Ballina Shire is 1/9 Rayner Lane, Lennox Head (pictured above) which transacted in December 2018 for $2.7 million," the valuation firm stated. </p>
<p>This property comprises a ground level four-bedroom, two-bathroom duplex unit which adjoins beach front reserve and has unrestricted ocean views to the east.</p>
<p>The property previously sold in May 2007 for $2.4 million.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/18/newrybar.jpg" alt=""> </p>
<p>"The market leading sale within the rural localities over the past 12 months belongs to the property at <a href="https://www.realestate.com.au/sold/property-house-nsw-newrybar-130949362" target="_blank">219 Old Byron Bay Road, Newrybar</a> (pictured above) which sold in July 2019 for $3.9 million," HTW said. </p>
<p>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.</p>
<p>Again this property was subject to an extended marketing campaign, having been listed since October 2018.</p>
</body></html>

Ballina prestige sector dependent on Sydney market: HTW residential

<html><body>
<p>Yields throughout the Ballina Shire are generally expected to be lower than those in the less sought after areas of the Northern Rivers, according to the latest Herron Todd White (HTW) residential report. </p>
<p>This can be attributed to higher median property prices.</p>
<p>The valuation firm took a look at the rental yields across the country to dissect where to find the best returns in residential markets. </p>
<p>"This becomes more pronounced when you get into the more sought after areas of the Ballina Shire such as the coastal areas of Lennox Head and East Ballina and the desirable rural localities in the north of the Shire such as Newrybar, Knockrow and Tintenbar," the valuation firm said. </p>
<p>"Whilst yields are low, rental demand remains strong.</p>
<p>"The addition of a detached studio or granny flat or dual occupancy style accommodation is becoming an increasingly desirable proposition within sought after areas of the Ballina Shire.</p>
<p>"This is perhaps most evident within the new Epiq estate at Lennox Head with a significant percentage of new builds having some form of dual occupancy style accommodation."</p>
<p>A basic one-to-two bedroom studio or granny flat detached from the main residence would be expected to achieve between $350 and $475 per week.</p>
<p>This is an attractive return compared to a basic three-bedroom residence in Lennox Head or East Ballina which is worth say between $700,000 and $750,000 and would only be expected to achieve between $500 and $600 per week rent, HTW said. </p>
</body></html>

Granny flats becoming increasingly desirable Ballina investments: HTW residential 

<html><body>
<p><span>The largest vacant industrial block in the Southern Cross Industrial Estate in Ballina has been listed for sale.</span></p>
<p><span>The property at <a href="http://ecomms.raywhite.com/collect/click.aspx?u=jRYOrR8N39QzG/Nyy8oj1MsQ8lDBqOLeIia6FoWINQH1URtvOAqHCyKtA8/jX0HWpn2KtcaACKM0VnlFB4qJbRdhHfF1iJIzFRCgSK1HOG+jDgGgnLya03K1dyrCrajnGofm3xUUX8o1AaTn/h+XWxw/2pj00xDI&amp;rh=ff005165936a616077e04fdf424d9b3462a8def0" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable">4/176-178 Southern Cross Drive</a> has a 5,851 sqm land holding.</span></p>
<p>The land parcel is being marketed by Ray White Commercial Gold Coast duo Jared Johnson and Lachlan Marshall.</p>
<p><span><span>“The site it is Zoned IN1 Industrial with a wide range of uses and would suit warehousing, distribution, manufacturing, storage and aviation," Johnson said. </span></span></p>
<p><span><span>“It’s close to major arterial roads and transport infrastructure and is just four minutes to Ballina Town Centre and six minutes from the Pacific motorway entry and exit points.”</span></span></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/11/Outline_ballina6%201.jpg" alt=""></span></p>
<p><span><span>Marshall said the asset had potential with subdivision possible (STCA) and additional common property access to security controlled taxiway to airport runway (STCA)</span></span></p>
<p><span>“With the passenger terminal facilities at Ballina Byron Gateway Airport recently upgraded, Ballina is poised to cater for yet more future growth.</span><span><br></span></p>
<p>It is scheduled for auction on October 3.<span><br></span></p>
</body></html>

Southern Cross Industrial Estate's largest Ballina development site listed

<html><body>
<p>The most desirable properties in the sub $500,000 price range in the Ballina Shire are located close to services within the townships of Ballina and Alstonville or Wollongbar, according to a recent Herron Todd White (HTW) residential report. </p>
<p>The report suggests within this price bracket buyers are limited in what they can get for their money, however $500,000 and up to $600,000 would still get you a reasonable three-bedroom dwelling within close proximity of schools and shops in these townships.</p>
<p>A three bedroom house in Wollongbar has recently been sold for $480,000.</p>
<p>Located at <a href="https://www.realestate.com.au/sold/property-house-nsw-wollongbar-130919158" target="_blank">14 Ramses Street</a> (pictured below), the family home comprises three bedrooms, lounge/dining room, kitchen and covered timber deck at the rear. </p>
<p>The home is situated close to the Palms Shopping Centre, Wollongbar Tavern and Wollongbar Public School. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/9/wollongbar%20.jpg" alt=""></p>
<p>The mid-range price bracket of about $600,000 up to the early $1 million dollar mark would generally allow buyers to obtain a property in the desirable beachside localities of Lennox Head through to East Ballina, or possibly a small acreage property in the Ballina Hinterland.</p>
<p>A current listing on the market is a four bedroom home in Ballina priced at $649,000.</p>
<p>Set on a landscaped 753 square metre block, the single level house at <a href="https://www.realestate.com.au/property-house-nsw-ballina-131719474" target="_blank">32 Brunswick Street</a> (pictured below) comprises four bedrooms, large lounge, formal dining room, kitchen and undercover deck. </p>
<p>The home has been renovated. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/9/ballina%20.jpg" alt=""></p>
<p>"Generally speaking, $1 million in the current market would get you a good quality house on Lennox Hill, possibly with some sort of restricted ocean view," the valuation firm said. </p>
<p>An example of this is the recent sale of<a href="https://www.realestate.com.au/sold/property-house-nsw-lennox+head-130113842" target="_blank"> 18 Brolga Place, Lennox Head</a> (pictured below) for $970,000.</p>
<p>This property comprises a contemporary style part two-level, four-bedroom, three-bathroom residence with a double garage situated on an 856 square metre lot which has restricted ocean views towards Boulders Beach.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/9/9/lennox%20head%201.jpg" alt=""></p>
<p>"Moving up to the prestige price bracket of properties in excess of say $1.5 million, buyers would expect to either be located within the most sought-after locality of the Ballina Shire, being Lennox Head village or Lennox Hill, Skennars Head or East Ballina with extensive ocean views," the valuation firm said. </p>
<p>"Alternatively, somewhere in the $1.5 million to $2 million price bracket would get you an executive style residence on small acreage in the sought after rural residential locality of Tintenbar, situated 10 to 15 minutes west of Lennox Head."</p>
</body></html>

Options limited within the sub $500,000 price range in Ballina Shire: HTW residential 

<html><body>
<p>The coastal region spanning Ballina to Ocean Shores is tracking well, according to the latest Herron Todd White (HTW) residential report. </p>
<p>"As Sydney and Melbourne markets have significantly cooled off, this market has steadied given the lack of interstate buyers entering the market, which has been the case for the past few years," the valuation firm said. </p>
<p>Whilst this market has steadied there is no evidence to suggest that it has fallen.</p>
<p>However, longer time periods are being spent on the market in the current conditions.</p>
<p>Price sectors for entry to mid-level buyers seem to be faring well, as new home buyers enter the market and local purchasers trade up.</p>
<p>The report suggests that the prestige market and rural residential market however appear to be slowing with a lack of transactions given interstate money has predominantly exited this price point.</p>
<p>Houses and more importantly houses that include a dual occupancy, appear to be faring better than most given the rental potential of a secondary dwelling and its ability to help service the loan.</p>
<p>As land has rolled out in the past 12 months in these areas, it is apparent that a large percentage of new builds are including a secondary dwelling (dual occupancy) for this reason.</p>
<p>"Some extra special information to share in this particular region is that Byron Bay is faring better than anywhere else in Australia," the valuation firm said. </p>
<p>"People have continued to migrate from capital cities into these coastal resort towns for work and lifestyle balance."</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/19/byron%20bay.jpg" alt=""></p>
<p>A Byron Bay pavilion style house characterised by clever design elements was sold for $1.22 million in May. </p>
<p>The designed home at <a href="https://www.realestate.com.au/sold/property-house-nsw-byron+bay-129861250" target="_blank">11 Oodgeroo Gardens</a> (pictured above) features open plan living with high ceilings, gourmet kitchen, three bedrooms, and entertaining deck.</p>
<p>It's close to Byron town centre, beaches, schools, restaurants and cafes. </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/19/ballina%20.jpg" alt=""></p>
<p>Another three bedroom villa at Ballina has recently been traded for $610,000. </p>
<p>Located at<a href="https://www.realestate.com.au/sold/property-villa-nsw-ballina-131217510" target="_blank"> 1/7 Vera Street</a> (pictured above), it comes with open plan living, dining and kitchen, three bedrooms, and outdoor entertaining area.</p>
<p>It is within a kilometre of amenities including shops, sporting fields, North Creek Canal and medical services.</p>
</body></html>

Ballina and Byron Bay market remains stable: HTW residential 

<html><body><div class="page" title="Page 9">
<div class="section">
<div class="layoutArea">
<div class="column">
<p><span>Values throughout the Ballina Shire stabilised throughout 2018 after strong increases </span>throughout the 2016 and 2017 calendar years, according to the latest Herron Todd White residential report. </p>
</div>
<div class="column">
<p><span>The report noted agents who actively market property throughout the Ballina Shire generally report lower numbers of enquiry. </span></p>
<p><span>Some Ballina regions experienced declines in value on the back of weaker Sydney and Melbourne markets, although the lack of available stock generally prevented any notable falls in value throughout the sought-after areas of the shire, HTW noted.</span></p>
<p>A lack of stock did drive the market and buyers were seen moving out of the suburb of Byron Bay into the more affordable coastal resort town of Lennox Head which saw the market in Lennox Head climb in 2018.</p>
<p><span>"The overall market started slightly sluggishly in January and February, however lack of stock saw the market continue to surge throughout 2018. Early </span>stages of flattening were evident throughout the October to November period," the valuation firm said.</p>
</div>
<div class="column">
<p><span>The buy in price point of $750,000 to $1.2 million did well throughout the year of 2018. Larger allotments located in Ocean Shores with future subdivision potential did particularly well with a spike in sales. In Lennox Head, sales also spiked with buyers wising up and moving away from </span>the iconic town of Byron Bay towards a smaller township where their money could be spread further.</p>
<p>"At the beginning of 2018, it was predicted that the oversupply of vacant land in Lennox Head may be of some concern. </p>
<p>"We have yet to see any signs of an oversupply of vacant land, with value levels within new residential estates remaining firm, however it would appear that the developer’s conscientious release of land without flooding the market could be partly responsible to this," the report noted.</p>
<p>The prediction for the Byron Shire market that was made all the way back in February was mostly correct.</p>
<p>A recent sale in Ocean Shores is a four bedroom which has been sold for $950,000. </p>
<p>Sitting elevated on a 923sqm block, the house at <a href="https://www.realestate.com.au/sold/property-house-nsw-ocean+shores-128709658" target="_blank">18 Goondooloo Drive</a> (pictured above) comes with multiple living zones,four bedrooms, eat-in kitchen,  and double garage.</p>
<p>It's within walking distance to the Ocean Shores cafes and shops or a short hop to New Brighton, Brunswick Heads and Byron Bay.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/21/lennox%20head.jpg" alt=""></p>
<p>A two bedroom Lennox Head townhouse has been recently sold for $1.17 million.</p>
<p>Situated at <a href="https://www.realestate.com.au/sold/property-townhouse-nsw-lennox+head-128818454" target="_blank">1/43 Stewart Street</a> (pictured above), the beach house feautres two bedroom, sunroom, study, modern kitchen with stone benches, salt water plunge pool and high ceilings.</p>
<p>It's<span> located within easy walking distance to Lake Ainsworth.</span></p>
<p><span>The report mentioned a large portion of the buyer demographic in this locality were people coming from Melbourne or Sydney. </span></p>
<p><span>"The market was majorly influenced by investors and baby boomers looking for a sea change. More recently though we have seen buyers in the 30 to 50-year-old bracket with young families sustaining city job opportunities whilst living away from metropolitan areas." </span></p>
<p>There continues to be renovation, renewal and gentrification activity occurring within established residential areas of Ballina and in particular the Ballina Island and East Ballina precincts, according to an earlier Herron Todd White (HTW) residential report. </p>
<p>The report suggested this is due to requirements from both owner-occupiers and also from potential buyers, and there remains good demand for quality renovated product.</p>
<p>However, the majority of new development within the Ballina Shire is occurring in housing estates such as Epiq at Lennox Head, Ferngrove and Riveroaks at Ballina, Ballina Heights at Cumbalum and the new estates located to the north-west fringe of Wollongbar.</p>
<div class="page" title="Page 28">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>"It is interesting to note that over the past five years, we have seen a significant increase in construction of self-contained flats and second dwellings of house lots, both in established residential areas and also in new housing estates." the HTW report noted.</p>
<p>The increased construction of self-contained flats and second dwellings can be attributed to the strong rental demand across the Ballina Shire coupled with the fact that there remains limited one and two-bedroom residential units being constructed within established suburbs. </p>
<p>Subsequently properties which possess rear lane access and allow approval and construction of second dwellings in established residential localities have become more sought after, the report said. </p>
<div class="page" title="Page 28">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>"In the Byron Shire, home renovation and new construction in established areas are on the rise. We see the renovation aspect of this market evident in all suburbs within this locality. An example is Suffolk Park, where homes built in the 1960s and 1970s are being extended and externally remodelled to a more contemporary design," the valuation firm noted.</p>
<p>A Suffolk Park renovated beachfront home was on the market with the price guide of $1.1 million to $1.2 million. It sold in December at $1.1 million.</p>
<p>Set on a 922sqm, the<a href="https://www.realestate.com.au/property-house-nsw-suffolk+park-129206958" target="_blank"> 17/2 Alcorn Street </a>house comes with two bedrooms, open plan kitchen/dining/living, and study.</p>
<p>It has been recently renovated with the new kitchen and bathrooms. </p>
<p>This is also evident in the township of Mullumbimby, where 1930 to 1940 built homes are being updated to compete with new builds occurring in the fringe Tuckeroo Estate.</p>
<div class="page" title="Page 28">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>The majority of buyer types in this market within the Byron Shire are more of the owner-occupier variety rather than house flippers or spec builders. The suburb where they would achieve the most profit is isolated to that of Byron Bay. Buyers have been capitalising on the increased margin of the price point buy in for this particular coastal resort town.</p>
<p>There has also been an increase in the number of sales as well as price point within the prestige residential market for centrally located properties in close proximity to the Byron Bay CBD, beach and facilities. The increased sales activity in the $2 to $4 million price bracket for standard residential property has been occurring since 2014.</p>
<p>There is generally strong demand for Federation style dwellings which have been renovated to a very good standard and offer the owner a high quality of fitout that is also appealing to the holiday market.</p>
<div class="page" title="Page 29">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>Evidence of first home buyers wanting to make quick equity can be seen in suburbs such as Ocean Shores within the price-points of $750,000 to $850,000. Other strategies for first home owners have been trending in the purchase of land, where dual occupancy is created, divided and sold.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/8/ocean%20shores%20.jpg" alt=""></p>
<p>An example is a Ocean SHores three bedroom house which has been listed for $770,000 (pictured above). </p>
<p>Nestled on a 921sqm block, the house at <a href="https://www.realestate.com.au/property-house-nsw-ocean+shores-127957602" target="_blank">7 Rajah Road</a> include three bedrooms, renovated family bathroom, three spacious living areas and covered outdoor areas.</p>
<p>It's within walking distance to cafes, restaurants and Brunswick Heads.</p>
<p>Upgraders who want to stay put but need more space for a growing family are taking advantage of creating detached granny flats. This extra space caters for older kids who may still be at home saving for a deposit of their own, or for an ageing relative.</p>
<p>The buy-in price points for homes with upgrade potential in the below mentioned suburbs are as follows:</p>
<p>• OceanShores- $750,000 to $850,000</p>
<p>• ByronBay- $1million to $1.5million</p>
<p>• LennoxHead- $800,000 to $950,000</p>
<p>The suburban infrastructure that helps drive construction within these established areas include the proximity to local airports (both the Ballina/ Byron Bay Gateway Airport and the Gold Coast Airport). This has seen an increase in interstate buyers taking advantage of the versatility of living locally and in either Sydney or Melbourne to cater for their fly-in, fly-out occupations.</p>
<div class="page" title="Page 29">
<div class="section">
<div class="layoutArea">
<div class="column">
<p>Home renovation and new construction in established areas do have some guidelines and limitations. The biggest limitation we see home buyers face in the Byron Shire is the restriction on secondary dwelling sizes. Where there are dual occupancies on one title in one line, the secondary dwelling must not exceed a total floor area of 60 square metres.</p>
<p>There are changes in the town planning process that are encouraging new construction. The biggest change is seen in the reduced minimum lot sizes. Vacant land was once sold with an average land area of 700 to 800 square metres, however with each new estate that has been developed, we have seen a reduction to 450 to 500 square metre blocks being sold.</p>
<p>The market of home renovation and new construction within the Byron Shire may track a little differently in the future. The cost of building is rising at such a rate that it may have an effect on those speculating to be a part of this market.</p>
<p>"Even now we are seeing vacant land blocks within new estates being resold at a much higher price-point, which may affect the home buyer’s decision about what they can afford to build," the report said.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></body></html>

Ballina

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Ballina

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News