Buy a home in Lismore, get change from $340,000

THE city is still affordable, but there are certain parts that buyers should look at first.

Lismore CBD. Picture: Kate O'Neill

LISMORE continues to enjoy its well-deserved reputation as one of the most eclectic, vibrant and diverse regional cities in Australia.

The artistic and entertainment offerings in Lismore can rival those of bigger cities - from the excellent cultural offerings of NORPA and the Conservatorium of Music, to the New Year's Eve celebration of Tropical Fruits, a colourful celebration not seen anywhere else outside of Sydney.

At the same time, the sense of community is strong and celebrated, as evidenced by the bounce-back the town has seen since the damaging and unprecedented floods last year.

The cost of buying a home here has always been a little less than on the outskirts - the median house price is a very attractive $338,500 - with buyers drawn to the proximity to the CBD, with its first-class theatres and art gallery, cinema, range of pubs and quality restaurants, and to the characterful style of the older timber homes.

Of course there's plenty of shopping too, from fabrics and furniture to clothes, books and appliances.

Lismore is also home to alternative or healthy lifestyle consumers, with cafes including Goanna as well as shops such as Fundies Health Food Market doing a brisk trade.

There are also several excellent schools close to hand.

The demographic of the town is changing somewhat, as people move inland from the coast, pushed by rising prices, the desire for a more relaxed feel to their hometown of choice, and drawn by having both an excellent, newly expanded hospital and stunning countryside on their doorstep.

The town also represents good value for money, as seen by the number of self-funded retirees, who could afford to buy elsewhere, choosing it for its amenities and country courtesy.

It's somewhere people can feel part of a community.

Lismore remains a hub for the surrounding rural sector: it's the base for a range of agricultural support services and thriving businesses, weekly cattle sales and a huge annual agricultural show.

But it is also a town where people feel connected, where a night out at the pub with a group of friends is always on the cards, and where culture in the form of entertainment is alive and well.

East Lismore, which extends from the Wilson River and covers those precincts of the town that lie south of Ballina Rd (the B60), stretches eastwards, taking in Wyrallah Rd and further on, Southern Cross University.

The more eastern part, as with neighbouring Goonellabah, tends to be more elevated than the CBD and suburbs on the other side of the river, and this factor is reflected in higher median prices and greater investment potential than its neighbours.

If you want to live in Lismore but you want a view, or you want to be a little higher up from the hubbub, then East Lismore is the natural place buyers and renters gravitate towards.

It would seem to be a good time to look at the suburb, which incorporates the highly desirable Girards Hill with its wonderful old houses that have a stately air about them.

East Lismore has a wider cross-section of people than either Goonellabah or Lismore town, and acts as a "dormitory" for the region's pre-eminent tertiary institution, Southern Cross University.

The presence of so many students in the area is good news for investors, with healthy demand for rental properties.

A unit here commands the same rental as Goonellabah and marginally more than Lismore itself, enough to keep investors happy until, maybe, the time they decide to escape to the Northern Rivers and move in themselves to enjoy all the region has to offer.

The suburb has a family orientation and is home to an active community, with several sports fields and clubs, including the successful Lismore Thistles Soccer Club.

If you are looking for an elegant home, or even a fixer-upper, in a great community at a price that is still competitive, you will do well in East Lismore.