If you bought a Northern Rivers home in 2010, this is how much value it has gained

While all homes have gained value in ten years in the area, some areas have fared better than others, according to new data.

Kyogle, Lismore, Richmond Valley and Tweed grew single in digit percentages in the past 12 months, while Ballina and Byron grew in double digits.

Real estate prices have doubled in Byron Bay in the past ten years, with the median house price in the Byron Shire increased by 23 per cent in the past 12 months.

Also in double digit gains in the last 12 months were homes in the Ballina Shire, with a price increase of 14 per cent.

PRD’s Chief Economist Dr Diaswati Mardiasmo said although the Northern Rivers has experience sustained growth, actual median house prices around the area are very different.

“In general, all markets are increasing in price growth,” Dr Mardiasmo said.

“However, some are growing at different levels – for example Kyogle, Lismore, Richmond Valley, and Tweed grew single digit percentage in the past 12 months; whereas Ballina and Byron grew double digits.

“Also, the actual median house prices are very different – Kyogle and Richmond Valley are under $500K, whereas Tweed and Ballina are more premium markets, and Byron is over $1M.”

Dr Mardiasmo’s PRD data showed that Byron Shire homes had a median price of $615,000 in 2010, with figures at the end of the first quarter of 2021 reaching a median of $1.38M.

Median house prices in Byron Shire were at $1.115M in 2020, showing an increase of 23,2 per cent.

Ballina Shire homes had a median price of $510,000 in 2010, with figures at the end of the first quarter of 2021 reaching a median of $901,000.

Median house prices in Ballina Shire were $730,000 in 2020, showing a 13.6 per cent increase to current levels.

In Tweed Shire, the current median price for a home is $845,000, a 9.4 per cent increase from 2020, when it was sitting at $695,000.

Homes in the Tweed had a median price tag of $475,000 in 2010.

The Lismore LGA, the median price for a home this year is $522,500, a 8.9 per cent increase from 2020, when it was sitting at $430,000.

In 2010, homes in Lismore had a median price of $350,000.

Richmond Valley Council had a median price for a home this year reaching $380,000, an amount that went up 7.1 per cent from 2020, when it was at $340,000.

Ten years ago, the median price in that LGA was at $290,000.

In Kyogle, the median house price is $358,000, 4.7 per cent higher than in 2020, when it was at $309,000.

In 2010, Kyogle’s median house price had just reached $260,000.

On Monday, May 26, while visiting Ballina, REINSW CEO Tim McKibbin said he was alarmed to discover the area has minimal vacancy rates.

According to PRD data, the Northern NSW rental market has declined since the peak of COVID-19 in April 2020, Dr Mardiasmo said.

“They are all under the Real Estate Institute of Australia’s healthy benchmark of 3.0 per cent,” she explained.

“However some councils are extremely tight at under 1 per cent, such as Kyogle and Richmond Valley, whereas other are slightly higher.”