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




Spirit of a community behind Rebels'charge

BULLDOZER: Rebels' 'X-factor' prop forward Xavier Sullivan continues to push for extra metres despite attracting the attention of four Coffs Harbour Comets.

Team built on the foundations of a united community

Upgrade causes delays

Investigations might stop traffic on highway

Go to jail ... if you want a job

Prisons around New South Wales require hundreds more officers.

More than 1400 positions to be created

Latest deals and offers

Diva's sister on soliciting charge

FILE - In this May 14, 2016 file photo, Mariah Carey attends the 27th Annual GLAAD Media Awards, in New York. Carey will appear on the Oct. 5 episode of the Fox series, \"Empire,\" the network confirmed Monday at a TV critics bi-annual press tour. (Photo by Charles Sykes/Invision/AP, File)

Mariah Carey's sister has been arrested on charges of prostitution.

Tom Cruise private jets his gym kit around the world

Tom Cruise

Tom Cruise charters private to take his gym kit around the world

Movie behind Depp and Heard split to be released

Soon you'll be able to see the movie that ended the marriage

Bindi's boyfriend helps release huge croc

Chandler (far right) helped the jump team.

Chandler Powell helps catch Duncan the croc

Mick Jagger to pay £2.5m to the woman carrying his baby

Mick Jagger is reportedly paying millions to pregnant ballerina

Navy man Keller ready to marry a perfect stranger

Former Navy engineer Keller is a participant in season three of Married At First Sight.

Tattoos are just the surface of Married At First Sight groom.

REVEALED: Pat Rafter's $18m Coast house on the market

Check out the photos of the Coast's most expensive property for sale

The "correction we had to have" in Gladstone's rentals

UPWARD MARCH: The rental vacancy rate in Gladstone has improved for the first time in more than a year, providing a confidence boost in the market.

Vacancy rates improve with signs that things are getting betterF

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

Investors eye Gladstone's $4m island with resort approval

UP FOR SALE: Turtle Island is on the market.

CHINESE and Sydney investors flag interest in Gladstone island.

Take a sneak peek at this $19m Whitsunday mansion

Mandalay House features a private helipad.

Mandalay is currently on the market with an asking price of $19m