Hot spot: LJ Hooker Maclean principal Ken Giese in front of a house that sold recently for $330,000.
Hot spot: LJ Hooker Maclean principal Ken Giese in front of a house that sold recently for $330,000.

Maclean property prices to double

PROPERTY prices in the Clarence Valley are expected to more than double in the next 10 years.

Data compiled by Australian Property Monitors, and published in a Sydney newspaper, predicts Maclean will have the top property prices in the Valley in 10 years with an average residential home estimated to sell for more than $873, 000.

Maclean LJ Hooker manager Ken Giese has been in the real estate business for more than 20 years and said prices were on target to increase gradually.

“We are ready for the rush and we can understand why Maclean will achieve a higher price than Yamba,” he said.

“Geographically and in terms of infrastructure Maclean is poised to attract a lot of people over time because of its aesthetic appeal and central location.”

Mr Giese compared the Scottish town with Bellingen and Bangalow, drawing on the similarities of aesthetic and price, but said neither of those towns had the advantage of a river on its door step like Maclean.

“If you have some faith in the region then it is prudent to get out there and buy something because in the last 18 months I haven’t seen a better time to do so,” he said.

Yamba property prices are expected to fall just short of Maclean coming in at an estimated $868, 056 by 2019, with Grafton following behind on $602,083.

Yamba’s Raine and Horne licensee Denise Jillet was surprised to see Maclean is predicted to pull in the bigger dollars and said it came down to supply and demand.

“We (Yamba) are a rare commodity and there is only so much we can grow, but historically coastal towns always out perform inland towns,” she said.

Ms Jillet said while there was no disputing the property market traditionally experienced seven-year cycles, in which properties doubled in price, she couldn’t see how Australia’s number one town could fall behind other suburbs in the Clarence Valley.

“I would think Yamba has more capital growth than other areas given the amount of supply and the strong demand,” Ms Jillet said

“Generally coastal towns set the market. I think the report will be proven wrong.”

Maclean Chamber of Commerce president Bob Little said he was sceptical of the projected figures and the effect it would have on businesses.

“The dynamics of the town would change dramatically if the values in land went up,” he said.

“The return on investments if rents went up would be a concern and we would have to see a volume of customers coming into town to justify it.”

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