Lismore Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Lismore* recorded a median house price of $575,000, and a median unit price of $450,000. This is an annual (Q3 2023 - Q3 2024) price growth of 33.7% for houses and 6.6% for units, an opportune time for property owners to capitalize on their investments. Comparing Q3 2023 and Q3 2024, total sales declined by -33.4% for houses (to 209 sales in Q3 2024) and -9.1% for units (to 30 sales in Q3 2024). Overall, this confirms there is an undersupply for both property types, which created buffer against higher interest rates. With very little stand-alone houses and units planned for construction in 2024, buyers need to act fast.
CHANGE FROM LAST
YEAR
Lismore* is set to see approximately $29.8M of new projects commencing construction in 2024. Commercial $2.6M
Industrial $195.3K
HALF YEAR
Residential $7.3M
HOUSE SALE S
Mixed-Use
HOUSE ME DIAN PRICE
Infrastructure
$2.4M
$17.4M
HOUSE RE NTAL PRICE
UNIT SALE S
A main infrastructure project in 2024 is the Lismore To Bentley Rail Trail ($7.8M), which will construct a rail trail connecting Lismore to Bentley. This improves liveability for residents, especially for recreational purposes. Key residential projects include:
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$
•
33 Harmony Avenue (10 houses)
•
87 & 97 Pineapple Road Residential Subdivision (22 Lots)
MARKET CONDITIONS
•
7 Southern Cross Terrace (4 Units)
MEDIAN PRICE Q3 2024
$575K
$450K
MEDIAN PRICE Q3 2024
$600
SALES
AVERAGE DAYS ON MARKET Q3 2024
86
82
HOUSE
U N I T
RENTALS
$390
Whilst there are some residential projects planned for 2024, majority are land lots and will need time to develop into houses. The amount of ready-to-sell stock planned will not be enough to satisfy demand. The possibility of an undersupply is high, which can push up property prices.
AVERAGE DAYS ON MARKET Q3 2024
22
23
HOUSE
U N I T
4 Units/ Apartments
10 Dwellings
59 Lots