SOLD! Clarence Valley house prices on the way up
STRONG growth in house sales and good rental returns in the Clarence Valley is the story behind the latest regional quarterly figures from property information service RP Data.
Figures for the December quarter for Clarence Valley house prices have grown 9.4per cent in the calendar year and unit prices by 11.1per cent.
These figures were based on 1176 house sales in the year generating $445,614,108 and 182 unit sales making $64,285,005.
The median house price in 2017 was $365,878 and $333,674 for units, while average rentals over the year of $375 for a house and $360 for units generated returns of 5.7 per cent and 5.8 per cent.
For agents such as McKimms Real Estate principal Angus McKimm, these were exciting figures.
"This growth is something we predicted three to four years ago when we said we were on the cusp of a four to five-year growth period," Mr McKimm said.
"The best thing about the growth we've experienced over the past few years is there's nothing spiky about it. It's all down to local conditions, not a reaction to something happening in the metropolitan areas.
"We've got the new jail, the highway, the bridges and the growth of the blueberry industry all contributing."
He said McKimms was selling commercial and residential properties to companies moving into the region for the work available.
"We've sold a dozen or more properties to companies moving here either to operate from here as their base or as investments," Mr McKimm said.
"Once everything's done we're going to have an easy way to cross the river and a new jail employing around 600 people. There's good times ahead."
Sales in the Yamba area are definitely skewing the Valley's figures upwards.
"Where the median house price in the Valley is $365,000, the average in Yamba is around $450,000," Elders Yamba and Maclean principal licensee Vikki Seekamp said.
"I just sold a property on the (Yamba) hill for $750,000."
She said the growth figures in Yamba were higher than the Valley average, at about 10-12 per cent for the year.
"We're getting a lot of investors wanting to cash in on the higher rents we're getting now," she said.