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Good time to sell, house prices rise

TAKING THEIR TIME: Lawrence comes in second in the Clarence Valley for the length of time homeowners own their property before selling up.
TAKING THEIR TIME: Lawrence comes in second in the Clarence Valley for the length of time homeowners own their property before selling up. Adam Hourigan

IT MAY seem obvious that once you secure a property in Yamba, you'd be hard-pressed to give it up, but there are two rural suburbs where houses are held for nearly as long.

According to Corelogic Market data to April 2017, Yamba tops the list of suburbs in the length of time a house is owned before it is put up for sale - 12 years.

And contrary to belief that unit owners move more, Yamba's units also top the list with an 11-year average hold on the property.

However, past Yamba's lures, it is the rural areas that show the most loyalty, with Lawrence and Glenreagh coming in second.

Lawrence's average hold on property sits at 11.6 years, with Glenreagh not far behind at 11.5 years.

At the opposite end, Townsend shows the most movement in house ownership, with the average time the house is owned at 6.5 years, followed by its neighbour Maclean where the length of time is 7.6 years.

Figures reveal that it is a good time in the market for people looking to make the move to sell, with strong increases in the median sale price across the board.

Junction Hill shows the largest increase in sale price over the past 12 months with a 27.2% increase.

Corelogic data shows a movement of 24 houses in the area in the past 12 months, with a median sale price of $384,000, moving up from $302,000 last year.

Wooli shows the sole drop in the median house price, down 14.1% this year from $462,500 in 2016 to $397,500, however historical data shows that the increase from five and 10 years ago is under 1% and is the most stable property price in the Clarence Valley.

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IF you're looking to buy or sell the best of what's available in local real estate, then don't miss the first edition of magazine Sold On.

With reports on how the market is doing and guides on what houses in each suburb are worth, there's all the information you need to tackle the market.

Combined with in-depth profiles of Clarence Valley suburbs, and opinions from the agents who know their area back to front, it is unmissable reading. The magazine will be inserted into The Daily Examiner on August 23.

 

Topics:  property



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