House prices have increased so much that even $1m won’t buy you a dream home

It’s not just Byron Bay ‒ house prices are through the roof right across the Northern Rivers. These recent sales prove that even a cool $1 million may not buy you a dream property anymore.

It's getting more and more common for properties on the Northern Rivers to sell around the $1m mark.

It’s no secret that house prices are skyrocketing on the Northern Rivers.

Even if you had $1m to spend, it wouldn’t necessarily buy you the dream house you’d expect.

A recent quarterly market report from Ray White Byron Bay, distributed to hinterland residents and detailing the area’s most recent sales across different agencies, listed 35 sales.

The only property to sell for under $1 million was in Main Arm, and it went for $940,000.

But it’s not just Byron Bay and the surrounding hinterland where prices are getting closer and closer to the $1m mark.

The market is booming in Ballina, and properties in the Lismore region are also in high demand.

According to Finder’s First Home Buyer Report 2021, more than a third of first home buyers in NSW were willing to pay more than $1m for a home.

The survey of 1028 first home buyers found the median budget for first home buyers was between $500,000 and $750,000.

Finder’s head of consumer research, Graham Cooke, said it was taking years for some buyers to scrape a deposit together.

“The combination of rising land values, low interest rates and easy access to finance has caused an explosion in property prices,” he said.

We took a look at five recent sales on the Northern Rivers around the million-dollar mark to see what you get for your money these days.

76 Crane Street, Ballina

Described as a “charming” timber cottage “ideal for renovators, developers”, this three bedroom place on a 632 sqm block has dual street frontage and is zoned medium density. It sold this month for $1.04m after a competitive auction on-site.

Bidding was fierce for this Ballina Island home.

35 May Street, Dunoon

This four-bedroom, two-bathroom home in a quiet Northern Rivers village sold for $1.1m earlier this month. Yes, it’s on 4000 sqm, it’s only 11 years old and there’s a pool. But it would have to be close to a record for Dunoon.

This Dunoon home sold for more than $1 million recently.

92 Byron Street, Bangalow

It took $1.285m for the new owners to secure this “little charmer” at auction in April. The original two bedroom, one bathroom timber cottage. There is a combined kitchen/dining area, study/sunroom and a timber deck leading out to an external laundry.

Bangalow homes are still hot property.

46 Horizon Drive, West Ballina

With four bedrooms and two bathrooms, this neat home sold for $920,000 and was described as a solid, well-built family home. It has a large kitchen, double garage and two sheds out the back, so there’s plenty of space.

The "solid" homes at West Ballina are attracting plenty of buyer interest.

2 Tickles Road, Upper Coopers Creek

This “single bedroom rustic dwelling” might be small, but it’s on a “beautiful parcel of land”. It recently sold for $910,000. It’s on three acres and also has a shed and frontage to Coopers Creek. Oh, and it’s only 50 minutes to Byron Bay.

Hidden away, this one-bedroom home is described as "rustic".