Property prices bounce back
By JULIA ILES
A BUOYANT real estate market is the prognosis, as 13 properties went under the hammer as part of a pre-Christmas auction at the Quality Inn recently, eight of them were sold.
"We found a high amount of interest and lots of people looking to snap up a bargain," Ray White Grafton principal Adam Sydenham said.
"Around 110-120 people came to it, one of the properties in Westlawn went for $300,000, while a three-bedroom weatherboard house in the Grafton CBD sold for $170,000 and another three-bedroom brick property in South Grafton went for $251,000."
LJHooker Grafton will have 10 properties on offer at its final auction of the year on Wednesday.
Sales consultant Col Chivers said there was traditionally less interest in the two weeks leading up to Christmas.
"It dies off until the second week in the new year," he said.
Mr Chivers said the market would pick up again in January with 'all the new people coming to town'.
LJHooker sales consultant Steve Ebeling said at last LJHooker Grafton group auction on November 23 saw a riverfront home in South Grafton sell for $355,000 and the historic Gainsborough Manor sold for 'well over expections'.
Gainsborough sold the day after the auction to a Sydney buyer.
Mr Chivers said there was 'a lot of buyer interest' in each of the properties on offer including a riverfront home at Ulmarra which would sell for the same price as 'an average home in Grafton'.
In a pre-Christmas Ray White Grafton auction of 13 properties at the Quality Inn, eight were sold.
This last quarter of 2005 is better than the previous three, according to McKimm's Real Estate agent Angus McKimm.
"Prices have been stagnant but the emphasis has been on turnover and selling," Mr McKimm said.
"Farmland is also at a premium and I can't think of a single property we have on the market at the moment for this, one lot of farmland around Grafton we were selling sold really quickly for $700,000."
Mr McKimm said it was normal for sales during Christmas to slow because people either want to be in their new homes by Christmas or wait until Christmas was over before shifting.
Elders Grafton recently had its end-of-season auction with two residential properties.
"An acreage near Coutts Crossing with a four-bedroom house sold before it was auctioned and there was another on Fitzroy Street which was passed on but there was still some interest," Elders Real Estate manager Stan Pitkin said.
According to RP Data Property information from July to September, Yamba house prices dropped at a median rate of -9.15 per cent with a median price of $342,500 down from $377,000.
In Maclean the median change in house prices rose from 7.01 per cent to $339,500, up from -7.91 per cent from the second quarter of the year.
In Grafton the median house list price was $259,000 in July to October.
This fell from $269,500 (-3.90 per cent) in the second quarter.