Ballina’s property prices are booming as more people seek the quiet coastal life.
Long-time real estate agent, Neville Foster, said the prices have doubled since he arrived in the town a decade ago.
“It’s changed dramatically in the 11 years I’ve been here, particularly price-wise,” said the Century 21 director.
“Certainly Ballina is a growing area and there’s an increase in demand for central Ballina properties because we have a lot of retirees who want to live close to everything.”
When Mr Foster first moved to the town he said you could snap up a two-bedroom unit for as little as $110,000.
“The same unit now would be worth in the high 200s,” he said.
“Houses in Ballina average between $400,000 and $600,000, whereas 11 years ago they were only about $180,000 to $250,000.
“There’s been big price increases.
“You can’t buy three-bedroom duplexes, villas or townhouses for less than $600,000 in the CBD now.
“Waterfront on the Richmond River costs $1 million upwards and 11 years ago it was $300,000 to $400,000.
“There’s always strong demand for anything under $450,000 because it’s rare to find a decent house for less than that,”
While more families are moving to the growing town, Mr Foster said Ballina has retained its reputation as a retiree hotspot.
“I still say it’s predominantly a retirement area but there are families coming here and a lot of houses are being redeveloped into units or duplexes,” he said.
Mr Foster has predicted an upward spiral in property values.
“While there’s strong demand and little supply the prices will continue to rise.
“The developers are certainly active now whereas three years ago not much was happening.
“As all our roads improve, we’re only about an hour from the Gold Coast so I think we’ll see more people moving here,” he said.
Gold Coast Bulletin 23/02/2008 Focus: Seachange