Property prices on the rise

HOME values throughout the Northern Rivers region are clawing their way back, new research shows.

Median values in the Lismore area rose by nearly 11 per cent in the year to August to $565,519, according to the latest CoreLogic property data.

Lismore Heights had the biggest increase, surging by nearly 17 per cent to $446,653, while Girards Hill rose by nearly 16 per cent to $425,640.

Median values in the Tweed also jumped by 10 per cent to $987,065.

South Murwillumbah and Banora Point were the biggest winners, with values increasing by nearly 13 per cent to $771,727 and $982,874 respectively.

In the Ballina region, median values rose by more than 6 per cent to $971,151.

Lennox Head had the greatest growth in the region of just over 10 per cent, taking the median home value to $1,472,676.

Nearby Skennars Head was next, rising by more than 7 per cent to $1,558,493.

Byron Bay values rose by nearly 2 per cent over the year to a median of $1,397,995.

Brunswick Heads had the largest increase in the region, rising by over 8 per cent to a median of $1,210,264, followed by Mullumbimby, where prices rose by more than 5 per cent to $1,029,407.

Values throughout the Northern Rivers boomed during the COVID-19 pandemic, as people from Sydney and Melbourne who could now work from home flocked to the region to escape lockdowns.

Prices in most places peaked in April 2022, but are still well up on what they were pre-pandemic.

In the Byron Bay region, for example, median values are nearly 39 per cent higher.

In Lismore and Ballina they are around 48 per cent more, and in Tweed 65 per cent more.

CoreLogic economist Kaytlin Ezzy, who grew up in Lismore, said the municipality had an affordability advantage compared to coastal hotspots and was seeing the flow-on effect of people wanting to move to places like Ballina and Byron Bay.

“We did see a bit of an exodus following the 2022 floods, unsurprisingly, but now that we’re well into the recovery period that’s becoming less of a factor,” Ms Ezzy said.

While the data isn’t impacted by the State Government’s buyback scheme, Ms Ezzy said homeowners who had received the cash were purchasing in markets on higher ground, such as Lismore Heights and Goonellabah.