Coastal hot spots rake in millions
THE phrase ‘million dollar view’ could have been coined for the Clarence Valley coastline.
With latest figures showing homes selling for more than $1 million each and a unit last week selling at auction for a staggering $2.15m, it is clear the recession hasn’t hit the region’s high-end property market.
But neither has it significantly dented the general market.
Property service RP Data last week released sales statistics for the Clarence Valley in the 12 months to October 2009.
They show the Valley’s property market is bucking the coastal and regional downward trend by remaining relatively stable.
While median house prices fell by 0.5 per cent and unit prices by 1.1 per cent Valley-wide, the data service concluded the dips were nowhere near those experienced in other coastal markets, which in the past year had seen some of the biggest falls nationally.
Some areas of the Valley did particularly well. Townsend had the biggest jump in house prices, rising 23.9 per cent, while Grafton had the strongest growth for units at 2.3 per cent.
In terms of average annual growth over the past decade, the steepest growth in median house prices has been in Townsend at 24.3 per cent, followed by Lawrence at 19 per cent and Wooli at 18.6 per cent.
That said, the most expensive properties were – not surprisingly – located primarily in the front row at Yamba, with one top-end house in Minnie Water.
According to RP Data, Clarence Street, Yamba, can boast the most expensive house sold at $1,050,000 and the two most expensive units at $1,475,000.
There were two other properties on the RP Data list above those figures but they turned out to be a motel and a caravan park.
The service notes the Clarence Valley is different from many centres in that units are priced similarly to houses, largely due to their attractive locations and newer construction.
Yuraygir Coast Real Estate principal Rod Ford sold the second most expensive residential house on the RP Data list. The property at 35 Waratah Crescent, Minnie Water, sold for $1,050,000 in July.
Mr Ford said platinum Valley coastal properties were immune to market fluctuations as demand outstripped supply and there was always a waiting list of people wanting to purchase.