News

Local house prices have dropped by an average of 6.6%

HOUSE prices in the Clarence Valley have dropped by an average of 6.6% in the past year, but the trend might be slowing, according to figures from the NSW Real Estate Institute.

The figures, released late last month tracked the prices of houses sold in the 12 months to September 2012, revealing an overall drop in prices in that period.

Yamba prices fell the most, dropping 18.1% in the period. South Grafton prices fell 7.4% and Grafton 5.4% in the same period.

The good news is in the three months from June the fall started to bottom out.

The rate of decline stalled in Grafton, and in Yamba it fell on 2.53% in the quarter.

However, other areas such as the South Coast and the Mid North Coast have experienced steady and sustained increases.

REINSW CEO Tim McKibbin noted house prices in regional areas across the state remained steady in the three months prior to September.

"However, as is the case in the Sydney metropolitan area, prices are still down on those recorded 12 months ago," he said.

The rental market was also patchy in the same period.

The report said some regional markets continue to experience a tight rental market, with the vacancy rate in the Murrumbidgee, Northern Rivers and Riverina areas all substantially down on their levels of 12 months.
 

Topics:  house prices, market, real estate



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