Lismore Property Market Update 2nd Half of 2021

In Q3 2021, Lismore recorded a median house price of $555,000, and a median unit price of $360,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 29.2% for houses and 16.5% for units. Between Q3 2020 – Q3 2021, total sales in both markets increased, by 3.1% for houses (to 265 sales) and by 59.3% for units (to 43 sales). Median price growth coupled with increased sales numbers suggests real returns on capital investment in Lismore. Now is the time to transact, particularly for owner-occupiers looking to benefit from a highly demanded market.

Average vendor discounts between Q3 2020 and Q3 2021 have and tightened to -0.6% for units and swung to a premium of 0.5% for houses. Market conditions in Lismore have now shifted to favour sellers, where buyers are willing to either offer above or very close to the initial listing price. Now is an ideal time for vendors to sell.

In September 2021, house rental yields in Lismore were recorded at 3.9%. In the 12 months to Q3 2021, the median house rental price increased by 16.3% to reach $500 per week and complemented with low average days on the market of 20 days. Overall, this represents a healthy rental market in Lismore, which benefits investors.

4+ bedroom houses have provided investors with +16.0% rental growth annually, with a median rent of $580 per week.

Also in September 2021, Lismore recorded a low vacancy rate of 0.5%, slightly above Casino (0.2%), however well below that of Sydney Metro (2.7%). Vacancy rates in Lismore have remained low for the past 12 months and remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% even amidst COVID-19 conditions. This confirms there is still a healthy rental demand and investors can be confident of a conducive investment environment in Lismore.