Lismore’s property juggernaut powers on with $42M sold in July

Eager buyers from cities and rural areas are driving up demand for homes in the Lismore region. Despite that, many would-be sellers are nervous about putting their properties on the market.

ON THE MARKET: An art deco style property at 135 Wyrallah Rd, East Lismore is attracting a great deal of interest in a very strong market which is attracting buyers from capital cities as well from rural towns in NSW, according to agent Lyn Youngberry.

The powerhouse that is the Northern Rivers real estate market shows no sign of slowing down, with a leading property website reporting more than $42.1 million in sales after 70 properties changed hands in the Lismore region last month.

According to Realestate.com.au’s Property Market Report for July 2021, 70 properties comprising a mix of housing types and vacant land was sold for a total of $42,153,000.

In Lismore, Smile Elite agent Lyn Youngberry said demand was being driven by buyers from capital cities as well as regional areas.

“A lot of activity in the Lismore market is from buyers in Melbourne and Sydney who are pushing into regional areas,” she said.

“There’s also a bit of a regional shuffle going on with buyers from places like Orange and Bathurst who are moving closer to the coast.

STRONG MARKET: Agent Lyn Youngberry said vendors looking to sell their properties in Lismore region should have a plan so they will themselves feel confident of somewhere to live in case they sell in the first week of being on the market.

Ms Youngberry said the hesitancy of some vendors to place their property on the market was because a shortage of homes to buy themselves.

“Because properties are turning over very quickly as there are a lot of people wanting to downsize, we do have some people who want to go to market but are concerned about what they will buy themselves,” she said.

“We always advise our clients that before they go ahead a list their house on the market that they have a contingency plan in case they sell in the first week, which can happen.”

Ms Youngberry said when vendors planned for options as to where they will reside while they look for their next home, then the process was less fraught and they can take their time.

“Some of the options may include negotiating as extended settlement, live with a relative or friends,” she said.

“Because there is a shortage of stock at the moment, properties are selling quickly and we have a list of potential buyers ready for when people are happy to take their property to market.”

Ms Youngberry said no matter how strong the seller’s market, her job was to ensure the vendor feel comfortable and not rushed.

“Giving back to the community is also important,” she said.

“So with every sale I make I donate $250 to the registered local charity of my vendor’s choice.”