NSW Nth Coast

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From: Rod Myers


I would like to consider buying IPs in Nth NSW coast say Lismore, Ballina, etc dont think I could afford Byron.
Any comments or advice? concerning growth, rental market etc/

It is a possibility that after 6 to 10 years I might live in the IP or 1 of them?
 
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From: A Jones


I will be visiting a friend who lives in Lennox Head in 2 weeks time to look at investment properties. She wants to look at properties in Lismore and a place called Broadwater (just south of Ballina). She is very keen to buy...I think her timing is wrong but will keep an open mind.

She tells me a house is for sale in a good part of Lismore for $120k currently let for $185/week.

If you are interested I will let you know what we find.
 
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From: Bridie .


Hi Rod,
I have two IPs at Byron Bay and the growth there has been extraordinary and from all accounts is set to continue.
Areas away from the coast don't have as strong growth, but I believe Brunswick Heads and Lennox are also increasing on the back of the BB growth.
Hinterland properties around Bangalow, Mullumbimby, Newrybar etc are also very strong but you would need to carefully research growth areas.
Lismore is OK for student rental accommodation and you can get quite high yields, but there is a concept of "in flood" and "out of flood" in Lismore itself that means RE agents are pretty upfront about the fact that properties may be high yielding but are likley to go underwater in a regular Lismore flood. I looked into this some years ago and found lenders wouldn't touch these properties and you couldn't get insurance for them.
In addition, there is a very seasonal flavour to the market on Nth Coast and you need to be wary that tenants will have ability to pay rent, so this may affect where you decide to purchase- close to strong tourist economy of BB (many working in hospitality) or plan to have students rent in Lismore?
Make sure you have a good look around and ask plenty of questions before you buy.
Hope this helps.
Bridie
 
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