Lismore property prices recovering

HOME values in some Lismore suburbs are increasing at among the fastest rates in regional Australia, according to the latest CoreLogic data.

Median values in North Lismore rose 26.5 per cent to $411,420 in the year to January, while South Lismore increased 25.7 per cent to $399,237.

Values in Lismore Heights also rose by 21.7 per cent to $488,329 and Girards Hill by 19.7 per cent to $457,014.

Overall property prices in the Lismore Local Government Area were up nine per cent over a year, with median house prices $613,034 and units $448,139.

CoreLogic economist Kaytlin Ezzy, who grew up in Lismore, said the past three months of growth had been particularly strong.

“Lismore has had a pretty hard go of it over the last few years,” she said. “In 2022 we saw record floods across the region and that coincided with the beginning of the rate tightening cycle, so that was a bit of a double whammy.

“But fast forward three years and we can see that community is seeing some of the largest growth as a result of the affordability advantage and the recovery effort. It’s definitely not finished but it’s becoming a much smaller factor for buyers in those markets.”

Ms Ezzy said Lismore was only around 30 minutes’ drive from the coast and offered many of the amenities of Ballina and Byron Bay – where prices surged during the COVID-19 pandemic – at a fraction of the price.

“Southern Cross University is based there and so it has demand coming in from students and all of the lifestyle factors are starting to return to the town,” she said.

“You’re seeing those cultural aspects that Byron was previously well-known for starting to spread further out as the locals move further out.”