North Coast Housing Industry Takes a Hit

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A leading real estate analyst says the industry on the New South Wales north coast is in a severe slump.
Tim Lawless, from RP Data, says the number of properties bought and sold on the north coast over the past 12 months is well below the five-year average.
Mr Lawless says transaction volumes in the Byron Shire were down about 40 per cent, while places like Tweed, Lismore, Ballina and Coffs Harbour dropped by about a third.
He says it is not just real estate agents who are suffering.
“You know the peripheral industries, you’re getting fewer valuations, fewer pest inspections, building inspections that sort of thing but you also find there’s less building activity,” Mr Lawless said.
“So there’s fewer building materials being sold, there’s less home furnishings and white goods being sold, so it really does have quite a multiplier effect on the local economy.
“Well [the sea change phenomenon] is dead for the time being and I don’t think we’ll see a resurgence in sea changers and tree changers until we start to see a real improvement in wealth positions of most Australians.
“So the performance of the share market I think is absolutely essential when you look at these sort of trends.”

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