Property a problem

THE past three years have been tough for local home owners wanting to see improvement in the value of their properties.

Statistics just out show property prices on the NSW North Coast have risen only marginally during the past three years, and some have even gone backwards.

And prices aren’t predicted to improve much during the next few years.

According to the figures, houses in Grafton rose by 10.94% in the three years to 2011. The Yamba figure was just 6.49%.

And, during the next five years, the prices of houses in both Grafton and Yamba are expected to increase by less than 4%

This is great news for first home buyers, but not as good for established home owners or real estate investors.

It was a different story for owners of residential units in Grafton, however, with prices increasing by more than 25% since 2008.

In Yamba, however, the figure was less spectacular with unit prices rising by just 9.72%.

Yamba real estate agent Mike Harvey, from Elders, conceded the market was less than

buoyant, but said there had still been some good sales this year.

“The market’s been pretty tough in terms of sales for the last couple of years, largely due to circumstances beyond our control like rising interest rates and unemployment,” he said.

“The reality is there probably hasn’t been a lot of capital gain made in the last five years, but there hasn’t been a loss either.

“Here at Elders, though, we’ve had a pretty good run over the past couple of months, largely because we’ve had some good listings and vendors willing to meet the market.

“With all the places we’ve sold over the past three months, all the vendors have made a capital gain and the buyers have bought a property at the right price.

“So things are still slow but we always get this terrific level of inspections at Yamba.”

Mr Harvey doubted whether the much anticipated land release in West Yamba would happen any time soon. Because of that Yamba had a limited supply of land and properties for sale, a plus for owners.

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