Lennox Head real estate update

Over the last few years there has been plenty of media coverage of the real estate price decline in most major cities, particularly Sydney and Melbourne. The Lennox Head house market, however, has defied this downward trend by posting another healthy gain in the median price.

The median house price in Lennox Head for the financial year ending 30th June 2018 was $905,000. This increased to $995,000 for the year ending 30th June 2019, which is a rise of almost 10% – a fantastic result considering most market areas went backwards.

The volume of sales was down considerably, which is probably a reflection of lack of house listings in Lennox Head. This no doubt contributed to the price increase due to higher buyer demand than availability.

The Ballina market also held well with only a 1.8% decline in the median house price off the previous year, which was a record high, so the local market is performing better than most on the eastern coast of Australia.