$17m Sales In Auction Bonanza

Sun Herald

Sunday September 2, 2007

By Ellen Lutton

THE strength of the Ballina property market was highlighted recently by a record-breaking auction bonanza in the northern NSW town.

An in-house L.J.Hooker Ballina auction session set a record for a single agency when it sold 13 of the 18 properties listed, raking in more than $17million insales.

One other property has since sold and four more are in negotiation.

Agent Dean Shay said this was a first for the Ballina Shire and a reflection of how strong the local market was.

"And while excellent prices were achieved for all the properties, these prices were not a shock - it's just that the demand is there," he said.

The properties auctioned were from a range of areas, including a house on three hectares at Skennars Head that went for $1,375,000 and a house at Angels Beach for $486,000.

Mr Shay said demand for premium properties and those below $500,000 was outstanding.

"While we are getting buyers from Brisbane, the Gold Coast and Sydney, by far most are locals investing in their own communities," he said.

Demand for property in the Ballina area had increased substantially in the past 12 months, Mr Shay said. PRD Nationwide Research figures showed median prices at Ballina rose from $201,000 in 2002 to $370,000 in 2007.

Mr Shay said that while the market was strong, it was not "frantic".

"While properties are selling well and selling quickly and achieving great prices, we aren't getting properties selling $100,000 over the reserve," he said.

© 2007 Sun Herald

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