Ballina and Banora Point named top areas to buy a home in Northern NSW for under $1M
Growth in regional house prices has been exceptionally strong over the past year, but two Northern NSW towns have been named among the best for buyers in NSW.
Lismore
Don't miss out on the headlines from Lismore. Followed categories will be added to My News.
The property market is running hot in 2021, but there are still some opportunities for growth in certain areas and two Northern NSW towns have been named among the best.
Ballina and Banora Point have been named among the best in regional NSW for home buyers, based on the number of homes on offer and its median price range.
Pete Wargent, co-founder of Australia’s first national property buyer’s agency network BuyersBuyers said demand has shifted towards houses through the pandemic, but as lending restrictions come into focus next year, there will be a ripple effect into some of the locations where price growth has lagged.
Despite having a one-year growth of 35.5 per cent, homes in Ballina remain at an average median price of $832,928.
Banora Point, with a one-year growth of 30.8 per cent, showed an average median price of $822,267.
Doron Peleg, founder of RiskWise Property Research said regional house price growth has been exceptionally strong over the past year, and the best picks all have median prices of under $1 million.
“We expect there to be some curbs on lending in 2022, so buyers should be mindful of this. Our top regional picks for New South Wales cover a range of locations up and down the coast, where houses can be secured for well under $1 million” Mr Peleg said.
Pete Wargent of BuyersBuyers said stock levels have been unusually low through this cycle to date but should pick up as Covid-19 restrictions are eased.
“We believe there will be more choice for buyers over the coming three to six months, but as the market for detached homes is still competitive, buyers need to be clear about their strategy and be able to act decisively”.
Meanwhile, in Sydney
Mr Wargent said that affordability will begin to bite for houses in Sydney’s top-performing suburbs next year.
“But there are still suburbs and pockets where prices have not blown off,” he said.
“These areas offer an opportunity to catch this property wave for buyers in Sydney.”
Doron Peleg said that just as the top 10 danger zone suburbs have been focussed on units, the top picks for buyers are all focussed on houses in suburbs where prices remain relatively reasonable.
“In Sydney, the top picks range from around 15 to 40 kilometres from the centre of the city, and we expect family-appropriate housing in these suburban locations to perform well from here” Mr Peleg said.
More Coverage
Diazepam, roids, meth: Man in court after border drug bust
A man has fronted court after police allegedly uncovered a haul of illicit drugs – including vials of steroids and 1000 diazepam tablets – at his home on the Qld-NSW border.
Alleged “security” man in one-tonne coke bust tries for bail
A co-accused tasked with “security” duties in an alleged $600m cocaine delivery was caught on CCTV driving the vessel before the sting at sea and later found by police in a car loaded with jerry cans full of fuel.