News

Property prices drop across Valley

REAL Estate prices have taken a significant dive across the Clarence Valley with RP Data figures showing significant value reductions in most suburbs in the 12 month to June 2012.

Real estate values for the past five years ending in June 2012

The most significant drop was seen in Iluka where the price of homes dropped some 20% over 12 months and 22% over three years.

Iluka LJ Hooker principal Chris Speirs said the figures - based on a sale of just 19 homes in one year - were easily skewed by one or two sales.

Mr Speirs acknowledged a virtual standstill in high end properties in Iluka in recent years, largely due to retirees copping massive losses in superannuation due to the global financial crisis.

He said he had buyers ready to buy in Iluka as soon as they sold their Brisbane homes but these weren't moving which was evidence the slump certainly wasn't exclusive to the Valley.

"The figures show a normalising of price in the area after the peak of 2007 ...now is a great time to buy in Iluka not only because of the price but the sewerage scheme is almost completed and of course it's a village hemmed in by National Park, river and ocean," he said.

On the other end of the scale, Junction Hill's recorded an 11% positive growth in real estate prices over 12 months and 33% growth in five years.

The same rule of small numbers heavily influencing the percentage figures must be considered here, along with the fact that new estates in Junction Hill have added to the mix.

All suburbs listed have shown growth over five years - the largest of which is Junction Hill.

Junction Hill also shares the longest hold period, that is the number of number of years a home is held for, of 11 years with Iluka, Yamba a close second with 10 years.

Other interesting data is a 7% quarterly growth in Maclean while all other areas showed negligible or negative growth in the second quarter of 2012.

Elders, Grafton joint principal Dave Dart said there were still plenty of buyers in the Grafton area for the correctly priced homes.

"We've been busy in the past six months and particularly busy in the past three months when we've sold 33 properties, both rural and residential."

"As a long-term investment, Grafton still looks good ... time always makes you money."

Joint Principal of the Ray White Clarence Group which covers Grafton, Maclean and Yamba, Daniel Kelly said the coastal markets traditionally experienced much greater peaks and troughs than inland markets such as Grafton which had been quite consistent during the past 12 months.

"Significant adjustments in values have taken place in all areas of the Clarence Valley - this is mainly due to high stock levels which has created favourable conditions for buyers," Mr Kelly said. "The numbers around price discounting are significant at the moment but it is due to the vast majority of sellers being unrealistic with their pricing.

"Rental yields have increased in recent times, mainly because of buyers being less able to finance property purchases and therefore turning to the rental market ... a number of people have also taken the rental option while they simply watch the market.

Mr Kelly said the duplex unit market in Yamba had been very strong with high demand protecting values.

On a positive, he said, spring had always been known as "selling season" in which buyer demand was usually much stronger and one third of all annual property sales taking place during this season.

Grafton real estate table reflecting property values until June 2012.
Grafton real estate table reflecting property values until June 2012.

Topics:  clarence valley property



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