Lismore

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<p>The Lismore City area and the surrounding towns of Kyogle and Casino are relatively affordable in comparison to other localities on the NSW Northern Rivers/Far North Coast, according to HTW’s <em>Month in Review: March 2017</em>. </p>
<p>The valuation firm says there is ample opportunity of first home buyers, with starting prices of $250,000 to $350,000 for a comfortable three to four bedroom, original home within Lismore City and approximately $200,000 to $275,000 within Casino and Kyogle.</p>
<p>The firm warns that first home buyers will face competition from investors.</p>
<p>“Advice to first home buyers would be to have modest expectations and start off small,” it says.</p>
<p>“We have noticed an increase in the advertising of housing stock from developers trying to appeal to the first home buyer.</p>
<p>“Such developments tend to be slightly different from the norm with emphasis on affordability and community living.</p>
<p>“Most of the residential structures in this instance are relatively compact and have shared community gardens/landscaping.</p>
<p>“Some developers have even self-imposed restrictions to only be made available to “first home buyers” and not investors.”</p>
<p>A three bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124668750" target="_blank">308 Molesworth Street</a>, Lismore (above) has been listed for $259,000.</p>
<p>Similarly a four bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-lismore-124086458" target="_blank">31 Orion Street</a>, Lismore (below) has been listed for $285,000.</p>
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Lismore an affordable option in the Northern Rivers: HTW

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<div class="page" title="Page 1">Manenti Quinlan &amp; Associates, in conjunction with John Hannigan Real Estate Services have announced the sale of the Rous Hotel, Lismore on behalf of the Bulmer family who have owned the hotel for over 20 years.</div>
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<p><span>While the sale was looming earlier this year, the complications of the COVID-19 lock down required careful navigation.</span></p>
<p><span>The hotel occupies a </span><span>prominent 1,745 sqm corner site and offers a Main Bar area, Bistro/Café Rous, Gaming Lounge with 12 devices, Enclosed Beer Garden and Large Carpark. On the first level, the Hotel offers </span><span>“</span><span>Reels Bar</span><span>” </span><span>Cocktail and Lounge Bar and a 2-bedroom fully self-contained </span><span>Manager’s Residence.</span></p>
<p><span>After closing the Drive-Through Bottle Shop in April 2018, hotel trade was strategically repositioned to take advantage of growing function trade, with the old bottle shop </span><span>space converted into “The Greenery” </span><span>function area.</span></p>
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Lismore City is located in the Northern Rivers Region of New South Wales, about 730 km north of the Sydney CBD, 47 km south-west of Byron Bay and 35 km west of Ballina.
<p><span>Leonard Bongiovanni of Manenti Quinlan and Associates </span><span>stated, “</span><span>While we continue to field numerous enquiries for hotels in strong regional areas, the sale of the Rous Hotel demonstrates the continued appetite for these premium assets. Under the new ownership, the hotel is poised to be a local icon for many years to come</span><span>”</span><span>.</span></p>
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Bulmer family's Rous Hotel in Lismore sold

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<p>Little has changed from 12 months ago in terms of what one can score with a lazy $700,000, however the mixture of product may have varied slightly, particularly in the more regional areas of the Richmond Valley and Kyogle Council areas, according to the latest 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>
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<p><span>For example, consider the following:</span></p>
<p><span>◗ </span><span>Ten $70,000 (or less) steep timber vacant 40 hectare bush blocks in the rural localities of Drake or Tabulam; or</span></p>
<p><span>◗ </span><span>Five $125,000 to $135,000 standard vacant residential blocks in Casino or Kyogle. These would be relatively flat but may be slightly more than $125,000 individually, so a package deal of say five at the nice round figure of $130,000 each would be hard for a vendor to pass up in the current subdued market thanks to COVID-19.</span></p>
<p><span>◗ </span><span>Alternatively, secure a near new, four-bedroom, two- bathroom dwelling with a double garage for around $450,000 to $500,000 and throw in an original two-bedroom,one-bathroom brick unit with carport for circa $150,000 to $200,000.</span></p>
<p><span>"There are not too many residential properties within Casino or Kyogle township that would use up the whole $700,000 in one transaction, however those that do are typically found in the nearby rural residential estates and usually deliver the full quota of features including air-conditioning, good quality appointments, pool, established landscaping or a full renovation," the valuation firm said. </span></p>
<p><span>These rural residential properties are generally in close proximity to the town centres of Casino, Kyogle and Lismore City. Typically, such properties would comprise lots ranging in size from 4000 square metres to five hectares.</span></p>
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<p><span>Semi-remote rural localities with properties on lots from 40 hectares to even 100 hectares may be purchased for under $700,000 and still provide semi-modern homes with established ancillary improvements.</span></p>
<p><span> However, distance and maintenance of the land are factors that any potential purchaser must consider, the report noted. </span></p>
<p>A Kyogle house nestled below the Border Ranges National Park has recently been sold for $465,000.</p>
<p>The four bedroom, one bathroom home is located at <a href="https://www.realestate.com.au/sold/property-lifestyle-nsw-kyogle-700074310" target="_blank">1076 Green Pigeon Road, Green Pigeon</a> (pictured below).</p>
<p>It features open plan kitchen, dining and living room, rural views, and near 5ha of land. </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/kyogle%201.jpg" alt=""></span></p>
<p><span>"Within Lismore City, the lazy $700,000 is somewhat more restricted in its purchasing power, however opportunities still abound," the valuation firm said. </span></p>
<p><span>Good quality level vacant residential lots are around the $250,000 to $285,000 mark in the new, developing residential estates... so buy two and possibly use the balance as a deposit for a house to be built on each of the lots, or maybe use the balance to purchase one of the steeper vacant blocks for around $125,000 to $135,000 (just keep in mind that your building costs will be significantly higher!), the report noted. </span></p>
<p><span>It is still possible to find two residential house properties for around $350,000 each, however they are likely to be located in a flood prone area, need some cosmetic attention or front a busy road.</span></p>
<p><span>There are a number of two-bedroom, one- bathroom, brick and tile residential units with single carports available within reasonable proximity to shopping and educational facilities in Lismore City which have an expected price range of $185,000 to $225,000 and attract a rent of around $250 to $275 per week.</span></p>
<p>A current listing is two bedroom, two bathroom unit situated at <a href="https://www.realestate.com.au/property-unit-nsw-lismore-133011578" target="_blank">1/116 Laurel Avenue, Lismore </a>(pictured below).</p>
<p><span>The 90sqm unit has been listed for sale with a price guide of $229,000.</span></p>
<p><span>It comes with two bedrooms, one bathroom, open plan living and single garage. </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/lismore.jpg" alt=""></span></p>
<p><span>"Failing that, and if you so wish, $700,000 would go a long way to fully, or near fully, acquiring a brand new four or five-bedroom, two-bathroom, double garage residence in the modern residential </span>estates of Goonellabah or Lismore Heights (where most of the new build action is) with pool and established landscaping," the valuation firm said. </p>
<p>The rental assessments can vary widely depending on features, but expect something in the order of $550 per week.</p>
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<p><span>"At present, the market is still in the early stages of recovery from COVID-19, however there are encouraging signs with genuine enquiry improving (as real estate agents advise) and if you are one </span>of those in the fortunate position of ticking all the boxes for the lender as a first home buyer or investor?? Wow!</p>
<p>"When are you ever going to get a better chance to buy real estate at ridiculously low interest rates which are unlikely to rise for some time yet as the powers that be try to kick start the economy from out of the doldrums?" </p>
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What $700,000 can buy in Lismore/Casino/Kyogle: HTW residential 

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<p><span>The general sales activity and enquiry in Lismore, Richmond Valley and Kyogle areas have remained quiet, however, there does not seem to be any sense of a catastrophic drop in prices expected, according to the latest Herron Todd White (HTW) residential report. </span></p>
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<p><span>The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. </span>This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>"Following the COVID-19 restrictions in place from early March 2020, the question frequently asked is “How will the property market react during and after COVID-19?” </span></p>
<p><span>"Nothing much has changed since our foray into this loaded question last month, apart from the fact that at least some restrictions are slowly being lifted," the valuation firm said. </span></p>
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<p><span>"Providing locals are able to get back to work or retain employment and regain some sense of normality, a few brave souls have hinted at a launching pad for the local property market to rise!</span></p>
<p><span>"Think about it; the unprecedented low interest rates are unlikely to rise quickly due to a willingness by government and lenders alike to encourage the country to get going again...and this could be a scenario for some time yet," the valuation firm added. </span></p>
<p><span>If a potential property investor, first home buyer or upgrader has all the boxes ticked for the lender, today could be a very good time to buy, the report noted. </span></p>
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<p><span>Rental accommodation queries remain relatively strong.</span></p>
<p><span>With interest rates now at record low levels, there are a number of opportunities some may not have considered outside of the desire to buy a new build. </span></p>
<p><span>Renovation could potentially feature in the minds of investors, developers, first home buyers and even upgraders. </span>Borrow a few dollars to put some new life back into the tired and dated home.</p>
<p><span>The report suggests the cost is naturally going to be a key ingredient in the decision making as well as the end value of the final product.</span></p>
<p><span>"The option to do this in the Lismore region is to find an established, three-bedroom, two-bathroom dwelling within the $300,000 to $400,000 price bracket," the valuation firm said. </span></p>
<p><span>For, Casino and Kyogle, a similar real estate product would be in the region of $250,000 to $350,000.</span></p>
<p><span>A three bedroom house in Casino was sold for $295,000 in April. </span></p>
<p>The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-casino-132689386" target="_blank">15 Beith Street</a> (pictured below) comes with L-shaped lounge and dining, modern kitchen, home office and garden shed.</p>
<p><span>It is located close to the Golf Course. </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/2020/6/10/casino.jpg" alt=""></span></p>
<p><span>"There is no particular area of Lismore, Casino or Kyogle that has the upper hand on renovation activity.... diamonds in the rough can be found anywhere if you look hard enough," the valuation firm said. </span></p>
<p><span>"Renovating an established dwelling rather than commencing a new build can achieve a lot....if done properly." </span></p>
<p><span>A budget of less than $100,000 could provide an updated kitchen, bathroom, ensuite, general interior and exterior painting and floor coverings.</span></p>
<p><span>"Provided the renovation work emphasises the positive features that are already there OR introduces new features that the market place desires (do your homework for the areas you wish to invest or live in as each locality is different), then the cost to added value ratio could yield some reasonable capital gain....and nicer digs to reside in!" the valuation firm said. </span></p>
<p><span>However, the trick is not to over capitalise. </span></p>
<p>A good option is to seek out those large homes with only two bedrooms and a large living space, the report noted. </p>
<p>Cut the living room to provide a third bedroom and the rental would naturally improve to reflect that of a three-bedroom home.</p>
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<p><span>Older style, turn of the century homes are quite popular for those with an interest in timber and the old world appeal.</span></p>
<p>One good example is a property at <a href="https://www.realestate.com.au/sold/property-house-nsw-girards+hill-129516530" target="_blank">62 Cathcart Street, Girards Hill</a> (pictured below), out of the flood area and an easy walk into the CBD.</p>
<p><span>The property </span>is a beautiful, circa 1880s timber home with expansive verandahs and fully renovated interior that maintains the heritage character set amongst well established landscaping, trees and mature gardens.</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/2020/6/10/girards%20hill%201.jpg" alt=""></p>
<p>It sold for $880,000 in mid 2019, the price being a record for the suburb of Girards Hill in recent years.</p>
<p>However, the cost to renovate and maintain such prized, older-style, weatherboard homes needs to be strictly monitored as one could easily get carried away.</p>
<p><span>"In summary, from a conservative perspective, the purchase of an established house with opportunities to renovate would be a more viable option and purposeful stepping stone to something newer in the future without the millstone of large debt around the neck.</span></p>
<p><span>"There are land and house packages available today which are competitively priced but are still above the expected price for an established dwelling of average to moderate appeal.</span></p>
<p><span>"Besides, the established house does provide the opportunity for the owner to put their stamp of identity on </span>the renovation project whereas a house and land package is simply that - what you see is what you get and any subtle changes to the design could bring on a wallet attack." </p>
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Tips for renovating established dwellings in Lismore/Casino/Kyogle: HTW residential 

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<p>Lismore will experience uncertainty in expected production this year for most rural industries, according to the recent Herron Todd White (HTW) rural report.</p>
<p>The property valuation firm suggests that the weather and subsequent farm production levels are foremost in the minds of farmers at the start of this year. </p>
<p>The report was issued in early February before the heavy rains across some of NSW.</p>
<p>"Anecdotal reports indicate that there may be a reduced macadamia crop," HTW reports.</p>
<p>"Parts of the sugar industry did not complete 2019 planting and ration crops in some areas have struggled in the dry conditions, the summer crop planting of soya beans has been restricted with the planting window to close in the next few weeks."</p>
<p>"Pasture conditions for beef and fairy farmers are challenging in the dry conditions."</p>
<p>"There has been a slight upswing in world sugar prices, but a long way to go," HTW suggests. </p>
<p>"Lower production levels and lower farm incomes may limit farm purchase activity." </p>
<p>"The exception being farms that have rural lifestyle attributes to attract more cashed up purchasers from urban areas."  </p>
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Lismore expected to see lower production levels in 2020: HTW rural

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<p><span>The residential market for the 2020 year ahead in the Lismore, Casino and Kyogle area is likely to experience some improvement, continuing on the heels of the last six months of 2019 when sales </span>activity started to show signs of confidence after six months of subdued activity, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm asked their values to give an educated outlook on the residential market in their service areas.</p>
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<p><span>"Key factors to potentially influence house prices for 2020 include the projected low interest rate environment which last saw a 0.25 percent cut in October 2019 to an unprecedented low of 0.75 percent Reserve Bank rate, and it appears there possibly may be more cuts! </span></p>
<p><span>"However, it will be interesting to see how lenders react in their lending decisions which ultimately impact the success of most first home buyers and investors," the valuation firm said. </span></p>
<p><span>Providing that all the lender’s boxes are ticked, the savvy first home buyer and investor could do quite well this year as banks competitively seek their business.</span></p>
<p><span>"And yet, we are still stuck with the limited stock available complaint (as oft repeated by local real estate agents)," the valuation firm said. </span></p>
<p><span> So whilst the low interest rate environment may be considered conducive to an increase in potential property enquiry, if there </span>is no product available, then competition will ultimately rise for what is available and potentially see prices improve.</p>
<p><span>"It is interesting to note that in both Casino and Kyogle, there is very limited supply of vacant residential lots available for sale," the valuation firm stated. </span></p>
<p><span>This concern has been expressed with the Richmond Valley Council taking the initiative in acquiring one of the very few residential englobo lots available for sale in Casino. </span></p>
<p><span>The Council has some good form on this initiative, having recently completed the sale of all available vacant residential lot stock in the Settlers Estate on the eastern fringe of Casino. </span></p>
<p><span>"It is expected that due to the limited supply of vacant residential </span>land, demand for such a product is likely to be relatively strong especially since the prices are still considered to be reasonable for flat land.....think sub $150,000," the valuation firm said. </p>
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<p><span>Lismore City is faring rather better with new residential estates coming to fruition such as Hidden Valley Estate and other planned estates at Eastwood in Goonellabah which has already received positive enquiry with approximately 135 new lots to be created. </span></p>
<p><span>The market for vacant land has been steady up to this point in the Lismore City area. </span></p>
<p><span>The report notes level blocks are expected to continue to remain steady, however more steeply sloping blocks requiring significant foundation works </span>and increased construction costs may require some discounting from developers to shift.</p>
<p>Prices continue to improve to the point where the vast majority of level blocks are now well in excess of $200,000.</p>
<p><span>"With much of the land in Lismore City becoming available throughout 2020, local builders and project building companies will have plenty on their plates, so much so that we have noted a significant increase in construction costs in 2019 and likely to continue in 2020," the valuation firm said. </span></p>
<p><span>However, this does not appear yet to be dissuading owner-occupiers from building.</span></p>
<p><span>The demand for rental accommodation in Casino, Kyogle and Lismore City throughout 2020 is likely to remain relatively strong, particularly if first home buyers can not secure finance and therefore need to look for places to rent. </span></p>
<p><span>Newcomers to </span>the area have also raised the enquiry level for accommodation.</p>
<p>A one bedroom unit located within walking distance to Lismore CBD has been listed for rent with a price of $240 per week.</p>
<p>Located at <a href="https://www.realestate.com.au/property-unit-nsw-lismore-428329638" target="_blank">4/9 Jubilee Street</a> (pictured below), the unit features floorboards throughout kitchen and living area, garage  and plenty of storage. </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/lismore.jpg" alt=""></p>
<p><span>Properties north of $550,000 within Lismore City still appear to be in demand for the well-heeled owner-occupier looking to upgrade.</span></p>
<p><span>For Casino and Kyogle, residential properties in the $400,000 plus bracket are generally limited in number but tend to </span>sell reasonably swiftly when offered for sale.</p>
<p>A new listing is a Casino three bedroom house priced at $388,000.</p>
<p>The freshly painted house is located at <a href="https://www.realestate.com.au/property-house-nsw-casino-132902994" target="_blank">17 Cumberland Street</a> (pictured below).</p>
<p>Nestled on an 837sqm of land, it features modern kitchen, open plan family and dining area, and covered outdoor entertaining 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/casino.jpg" alt=""></p>
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<p><span>"In summary, Lismore City is a quiet achiever with Casino and Kyogle holding their own. </span></p>
<p><span>"Their proximity to some of Australia’s best coastline, a strong employment base from the government, education and rural sectors combined with relative affordability is likely to insulate these areas from significant falls that seem to befall larger, metropolitan areas," the valuation firm stated. </span></p>
<p><span>"In a market where the expectation is that improved properties are likely to continue be restricted in supply and coupled with a low interest rate environment, we should see some up-tick in prices across the board." </span></p>
<p><span>In short, 2020 is expected to be a year of slightly improved growth for Lismore City, Casino and Kyogle, however the rural lifestyle or rural farmlet sector can expect some hurt, especially if the protracted dry conditions continue.</span></p>
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Lismore, Casino and Kyogle residential markets likely to improve in 2020: HTW residential 

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<p>About 25% of Lismore’s population lives in rental accommodation with the median rent now being $395 per week for houses and a median rental yield of just under 4.7%, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at the rental yields across the country to dissect where to find best returns in residential markets. </p>
<p>The official population of Lismore City as at 30 June 2018 was 43,843 according to the Australian Bureau of Statistics.</p>
<p>The median rent for units in the Lismore area is $275 per week, with a median rental yield of just over 5%.</p>
<p>With a low vacancy rate relative to many regional centres of 1% and the ability to buy a four-bedroom, two-bathroom dwelling for under $400,000, Lismore and its surrounding suburbs represents an opportunity to invest in property without going into debt up to the eyeballs.</p>
<p>"The trade-off for this relative stability is normally lower capital growth, however for the first time investor, building a stable base for a property portfolio is important," the valuation firm said. </p>
<p><em><a href="https://www.propertyobserver.com.au/images/2019/10/21/lismore%20median%20sale%20price.jpg" target="_blank">Click here </a>to enlarge: </em></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/2019/10/21/lismore%20median%20sale%20price.jpg" alt=""><span style="font-size: 12.16px;"> </span></p>
<p><em>Source: HTW </em></p>
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Lismore's median rental yields just over 5%: HTW residential 

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<p>The usual resident population of Lismore in 2011 was 42,763 people.</p>
<p>By 2016 the population was 43,135 showing a slight increase during the elapsed period, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at what's bringing new residents to different residential markets or, conversely, driving them away. </p>
<p>The following table outlines the migration patterns for Lismore from 2011 to 2016.</p>
<p><em><a href="https://www.propertyobserver.com.au/images/2019/9/26/lismore%201.jpg" target="_blank">Click here</a> to enlarge: </em></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/2019/9/26/lismore%201.jpg" alt=""> </p>
<p>The following table indicates that the Lismore unemployment rate has decreased in the period from 2011 to 2016.</p>
<p>The report notes Lismore City’s building approvals are used as a leading indicator of the general level of residential development, economic activity, employment and investment.</p>
<p>"Residential building activity depends on many factors that vary with the state of the economy including interest rates, availability of mortgage funds, government spending and business investment," the valuation firm said. </p>
<p>The following table and chart indicate a substantial increase in building approvals in the past three years relative to the years prior to 2015.</p>
<p><em><a href="https://www.propertyobserver.com.au/images/2019/9/26/lismore%202.jpg" target="_blank">Click here </a>to enlarge: </em></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/2019/9/26/lismore%202.jpg" alt=""></p>
<p><em>Source: HTW </em></p>
<p>"The statistics are an indication of a relatively stable local economy in the Lismore area with stable migration patterns, adjoining regions enjoying relatively solid growth and reasonable localised employment prospects.</p>
<p>"The Lismore area is increasingly being viewed as a more affordable alternative as the coastal areas of Ballina, Lennox Head and Evans Head reach price points that are beyond the reach of many people," the valuation firm said. </p>
<p>Demonstrating this is a simple price point comparison of what $500,000 can purchase in Goonellabah, a suburb of Lismore, compared with Evans Head, a beachside town with a population of only 3,100 people.</p>
<p><em><a href="https://www.propertyobserver.com.au/images/2019/9/26/lismore%203.jpg" target="_blank">Click here</a> to enlarge:</em></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/2019/9/26/lismore%203.jpg" alt=""></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nsw-goonellabah-129515394" target="_blank">30 James Road, Goonellabah</a> (pictured below) is a well built, 2002, four- bedroom, three-bathroom, two level modern dwelling that sold very recently for $500,000.</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/2019/9/26/goonellabah.jpg" alt=""></p>
<p><a href="https://www.realestate.com.au/sold/property-house-nsw-evans+head-130809454" target="_blank">3 Anson Avenue, Evans Head</a> (pictured below) is an older high set residence consisting of one bedroom plus two enclosed veranda or sleep outs, together with an open plan lounge, dining and kitchen.</p>
<p>It has recently gone under contract for $530,000.</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/2019/9/26/evans%20head.jpg" alt=""></p>
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Lismore new residential building approvals indicate stable local economy: HTW residential 

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<p>Many first home buyers feel a sense of optimism about commencing their journey into the property market, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The report notes that obtaining real value for money, affordability (repayments) and wariness of making a mistake are their key concerns.</p>
<p>Many first home buyers can be categorised into two groups:</p>
<p><span>1. Those who are over the rental roller coaster and the high costs of renting even a modest property in their preferred location</span></p>
<p><span>2. Those who want the perceived stability of owning their own home and are intent on building a nest for their existing or imminent family.</span></p>
<p><span>"Within the Lismore locality, the affordable end of the market that provides an entry into the property market for let’s say less than $350,000 offers a wider range of choice not available in the beach side or coastal areas," the valuation firm said. </span></p>
<p>A three bedroom home at <a href="https://www.realestate.com.au/sold/property-house-nsw-east+lismore-130399394" target="_blank">103 Nielson Street, East Lismore</a> (pictured above) sold for $335,000 earlier this year.</p>
<p><span>The property is flood free according to Lismore City Council records, is within 50 metres of sporting fields, three kilometres </span>by road from the Lismore CBD and within one kilometre of the Southern Cross University.</p>
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<p><span>Built in the 1950s and recently internally renovated, this three-bedroom, one-bathroom dwelling is set on a 506 square metre, near-level lot with a single garage and room for a shed at the rear or a carport in front of the single garage.</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/2019/8/27/goonellabah.jpg" alt=""></span></p>
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<p><a href="https://www.realestate.com.au/sold/property-unit-nsw-goonellabah-130861762" target="_blank">3/25 Cambridge Drive, Goonellabah </a>(pictured above) sold for $320,000 in April this year.</p>
<p><span>The property is flood free according to Lismore City Council records, backs on to a bushland reserve and is within one kilometre of schools, parks and Goonellabah shopping centre and aquatic centre.</span></p>
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<p><span>Built in 1994 and recently internally renovated, this three-bedroom, one-bathroom unit has a single garage and has been well maintained. </span></p>
<p><span>A paved outdoor area at the rear overlooks bushland. There is scope to further improve this unit and add value by adding a rear pergola and updating the kitchen to suit.</span></p>
<p><strong>Upgrader home buyers</strong></p>
<p><span>"Upgraders feel the need to expand their living to cater for growing families, create more comfort and move on up the property ladder.</span></p>
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<p><span>"Within the Lismore locality, upgraders from the entry level end of the property market with a budget between $350,000 and $600,000 have a </span>wide range of choice that again is not available in the beach side or coastal areas," the valuation firm noted. </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/2019/8/27/east%20lismore%202.jpg" alt=""></p>
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<p>A renovated three bedroom home at <a href="https://www.realestate.com.au/sold/property-house-nsw-east+lismore-131185078" target="_blank">45 Barham Street, East Lismore</a> (pictured above) sold for $450,000 in May this year.</p>
<p><span>The property is well elevated with district views and is within 2.5 kilometres of schools, Lismore golf course, sporting parks and Lismore Square shopping centre.</span></p>
<p><span>Built in 1985, it’s a two storey, three-bedroom, one-bathroom, renovated, detached modern dwelling with a two-car detached garage and two-car attached carport. </span></p>
<p><span>The dwelling has room to remodel the lower level rumpus room into more bedrooms or a home theatre room.</span></p>
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<p><span>Rendering the external brick skin, expanding the rear pergola to a large deck and adding an infinity edge pool could take this property to the next level and add significant value, but watch the budget!</span></p>
<p><strong>Prestige-end buyers</strong></p>
<p><span>"Prestige property in the Lismore area is to be taken in context. </span>This is property that offers features, dwelling size or views that are not available to the upgrade market or first home buyer price levels.</p>
<p><span>"Whether it be from a win, windfall or just plain </span>hard work, people in this market expect that their property is a cut above the rest and they deserve to be there," the valuation firm said. </p>
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<p><span>At a price point above $600,000, local prestige property is available but sells less frequently and sometimes the best properties sell by word of mouth or by an unsolicited approach.</span></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/2019/8/27/11%20sophie%20st.jpg" alt=""></p>
<p>A 2004-built home at <a href="https://www.realestate.com.au/sold/property-house-nsw-goonellabah-130722654" target="_blank">11 Sophie Street, Goonellabah</a> (pictured above) sold for $618,000 in May this year.</p>
<p><span>The property is well elevated in a modern estate with local views and is within three kilometres of schools, sporting parks and Goonellabah shopping centre.</span></p>
<p><span>Built in 2004, this two storey, four-bedroom, two- bathroom, detached two-level modern dwelling has 213 square metres of living area, large rear deck, a double lock up garage, extensive landscaping and a below ground pool all on a 788 square metre allotment. </span></p>
<p><span>Features include:</span></p>
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<li>Stone bench tops and gas cooking</li>
<li>Raised ceilings in the lounge</li>
<li>Air conditioning</li>
<li>Polished hardwood timber flooring in the living areas</li>
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<p><span>Additional storage area under the dwelling could be used to further expand the living area, but all that really needs doing to this property is just to keep it well maintained and tidy.</span></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/2019/8/27/richmond%20hill.jpg" alt=""></p>
<p>A four bedroom home at <a href="https://www.realestate.com.au/sold/property-house-nsw-richmond+hill-130232890" target="_blank">4 Quail Place, Richmond Hill </a>(pictured above) sold for $840,000 in April this year.</p>
<p><span>The property is well elevated with good rural and distant hinterland views, and is within a ten minute drive of schools and Goonellabah shopping centre.</span></p>
<p><span>Built in the 1980s and renovated in 2012, this part two level, four-bedroom, three-bathroom, detached semi-modern dwelling has 278 square metres of living, outdoor areas of 94 square metres and is on a 1.54 hectare allotment.</span></p>
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<p><span>The property has room to be improved with a shed, pool, stable or tennis court.</span></p>
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Lismore first home buyers feel optimistic: HTW Residential 

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<p>The Lismore industrial market is dominated by older style industrial development, according to the latest report from Herron Todd White (HTW).</p>
<p>The financial valuers found it comprises a mix of small to medium sized owner-occupied sheds and a scattering of larger complexes generally of a modest style and appeal.</p>
<p>As such, the found industrial properties tend to be sub- $500,000 for stand alone, single or twin tenanted properties.</p>
<p>When purchased by investors, they expect yields of 7-9% return with the lower yields more likely to be owner-occupiers where yield and return are not the driving factors.</p>
<p>The report authors noted,:"Larger complexes would tend to be eight per cent to 10.5%, however they are rarely transacted."</p>
<p>"Investors are less active in this market as yields tend to be relatively low compared to risk.</p>
<p>"This is a result of the owner-occupier market driving yields down and is compounded by the fact that the rental market is static.</p>
<p>"Despite this, Lismore’s industrial market is mature and tenants are relatively stable with well established businesses, not adversely impacted by the upward pressure on rents being experienced in coastal localities. As such the industrial economy has tended to avoid the boom and bust cycle."</p>
<p>A current listing on the rental market is a North Lismore 280 square metre storage shed (pictured below) priced at $1,278 per month.</p>
<p>The industrial shed at<a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-lismore-503221606" target="_blank"> 1/67 Bridge Street</a> features double sliding doors, high ceilings in the first floor and toilet amenities. </p>
<p>It is located within close proximity to the town.</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/2019/7/29/lismore%201.jpg" alt=""></p>
<p>Another new offering is a South Lismore brick warehouse (pictured below) priced at $800 per week.</p>
<p>Located within an industrial complex, the warehouse at <a href="https://www.realcommercial.com.au/property-industrial+warehouse-nsw-south+lismore-503276190" target="_blank">2/30-32 Habib Drive</a> comes with high roller door and wide driveway allowing easy access. </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/2019/7/29/lismore%202.jpg" alt=""></p>
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