Property Price Developments in Northern Rivers, NS

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Property Price Developments in Northern Rivers, NSW, Australia Property Price Developments in Northern Rivers, NSW, Australia by Ulysses

BALLINA

I noticed with interest that the Weekend Northern Star had a front page spread pumping up Shelley Beach as “the New Wategos!” This media frenzy is silly but also self-fulfilling. An ordinary home with a great view on Suvla Street just sold for $2M and there is another listed for $1.9M. I can declare an interest in this area, as I own a unit in Grandview Parade (the continuation of Suvla St).

I have always believed that Shelley Beach is a special location and have lived there for a time. It’s a great beach and properties on the Suvla St hill provide great views of ocean and river. The commute to Byron is only 25 minutes along one of the prettiest roads in the country. Unfortunately my off-the-plan purchase was delivered nearly two years late and because there was a glut of new units I had very little capital gain over the few years I have owned it.

The oversupply of new units has now cleared and Shelly Beach should now be a great buy and hold opportunity. I would be happy to talk to anyone who may be interested in buying a unit in the complex I am involved in. The prices are presently discounted but I believe they are present a good buying opportunity. They are especially good value for anyone who has a tax position that could benefit from negative gearing and a depreciation schedule. Prices start around $400K (2X bed lower floors) and go up to mid 500 for 3 Bed upper floors. Some come already with a furniture package and the holiday let yield of around 5%.

For anyone interested in a bigger play. There is a block of modern 4 x 3 bed units brick and tile in top location, strata approved but not registered. Current return $54080 on 1050 m2 block and expected to fetch around a mil. Units sold individually once strata is finished will be around 330K.

CASINO

I did manage to spend a day looking around Casino and am still bullish about this town. Houses around $200K are selling quickly. It is possible to buy a house on 1050 M2, put in a DA for 2 units on a battle-ax block out the back. Units will sell for 200K and the front house could hold the value (if market rises) at 200K. At a 150K build for each unit (inc council contribution, holding costs and agent fees), you could have all up costs of $500k and a sell of $600K. Talk to me if you want more information.

A NON PROPERTY OPTION

I have already mentioned to many of my clients I am associated with a group called Navra Financial Services. They run a managed fund that has been averaging around 18% consistently over the years. They run a one-day seminar where they explain the strategy they use which I believe is safe and consistent. I wish I could declare an interest and say that I get a referral commission but I don’t. I asked if that was possible but I have been through their commission structure and there is just no room in there for little ole me!

They are having another one-day seminar in Brisbane on May 12th. I will be going and will accompany anyone else who wants to attend. The cost is $179 including a great buffet lunch. It is limited to 30 people and it will fill fast. Have a look at www.navra.com.au and you can book for the day online. I think it is difficult to find a good managed fund that offers a good return but does not gauge you on fees.

PROPERTY PRICE INCREASES IN OUR AREA

Below is a list of the towns in our area and what has been their performance during the past calendar year of 2006.

Town / Median price $ / 1 yr % year change

Byron Bay / $515,000 / -3.7%

Ballina / $430,000 / 4.9%

Bangalow / $516,000 / 15%

Lismore / $255,000 / 6.3%

Mullumbimby / $380,000 / 2.7%

Ocean Shores / $406,000 / 4.1%

Pottsville / $419,000 / 1.8%

Casino / $189,500 / 3.1%

Evans Head / $380,000 / -3.8%

Kyogle / $210,000 / 16.7%

FYI, the highest property increase in the state was at Darling Point where the median is now $3.1M after an increase of 113%. The rish just keep getting richer. The worst was at Artarmon with a loss of 19%.

Resources:
www.byronpropertysearch.com.au/
www.mortgageaustralia.com.au

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