Real estate soars

THE sleepy Clarence Valley village of Lawrence has been named one of the best performing areas for real estate growth in regional New South Wales over the past year.

In figures released by property analyst Residex, the Clarence Valley was well represented, with Grafton, Maclean and Yamba each recording tremendous growth in the past three years.

Lawrence ranked ninth on the list of top 10 best regional performers in the year to September 2009. Bangalee topped the list.

The report revealed Grafton experienced a 26.85 per cent growth in median house prices over the past three years.

In the past year, 195 houses were sold with a median price of $266,000 - an annual increase of 2.62 per cent. The median price for a unit was $204,000 - a jump of 8.29 per cent year-on-year.

While Grafton's median house price in the September quarter was stagnant, unit prices rose a further 3.92 per cent.

Fewer properties sold in the Lower River area, but both Maclean and Yamba recorded impressive increases.

In Maclean, 64 houses sold in the past year with a median price of $299,000, representing an increase of four per cent in the past year and 21.89 per cent from three years ago.

Less than five units sold in Maclean in the past year.

Yamba had the highest median house price in the Clarence Valley at $420,000, an increase of 14.97 per cent on 2006 figures.

Yamba's median house price grew marginally in the 12 months to the end of last month, enjoying an increase of 3.33 per cent for the September quarter.

The report showed the median price for a unit in Yamba was $346,000 at the end of September, with 71 selling for the year.

These figures were calculated by Residex - a non-government body for the benefit of buyers, sellers, investors and financial institutions. Residex collated government data for NSW with information gathered from real estate agents across the state.

John Lindeman, head of research for Residex, said property owners in the Clarence Valley had reason to be pleased with the results.

“Grafton and the surrounding areas have shown steady growth over the past eight or so years and these figures are good for existing property owners and investors,” he said.

“It is also good news for people looking to buy into the area as growth is set to continue.”

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