Volume of homes on the market across the Northern Rivers at lowest level in a decade
Things are slowly starting to ramp up as the local property market comes out its traditionally quiet summer break. Total transactions this week were up by almost double compared to the first two weeks or so of January, but what's most notable is the level of market activity - or lack of it - compared to this time last year.
At the same time in January last year, there were a total of 101 house sales across the council areas of Ballina, Byron, Lismore, Kyogle and Richmond Valley in one week. Compare that to this week, where there were just 20 sales.
It's not from a lack of interest - there's still plenty of demand out there - it's just that there's so little stock. According to SQM research data, which stretches back to 2010, North Coast listings are at their lowest level on record.
HOTSPOT: Brunswick Heads' median price surged by almost 25 percent in 2020.
Time to cash in?
We all know that when demand exceeds supply, prices go up, and that's exactly what happened in the region in 2020. In some areas it happened at quite an astonishing rate, and we've heard plenty of reports lately of home owners who previously had no intention of selling now finding themselves tempted to cash in due to the extraordinary prices they're being offered.
Prices have been on the rise across the Northern Rivers, although it's the Byron Shire that leads the way. Data from Pricefinder shows Brunswick Heads saw the biggest price growth in 2020, with prices up 24.3 per cent to a median of $1.43 million. Bangalow prices grew by 21.9 percent to a median of $1.197 million, while Byron's median shot up by 19 percent to $1.86 million. Mullumbimby and Ocean Shores saw their median prices rise by 19.5 percent ad 14.5 percent respectively.
TOP PRICE: This Hamptons style home at 10/146 Old Bangalow Rd, Byron Bay sold for $3.8 millon.
Hamptons house fetches $3.8m
Among the properties that were sold this week, 10/146 Old Bangalow Rd, Byron Bay (pictured) was a stand out, taking the top price for the region at $3,800,000.
Set on a 2476 sqm block in the Woodlands Estate, the four bedroom Hamptons style home was sold by Ian Daniels and Susan Whyte at McGrath Byron Bay.
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- Got a tip? kateoneill@northernriversreview.com.au