The Lismore property market continues to outstrip capital cities for price growth throughout Australia as demand for houses remains strong.

The end of November 2020 saw the eight capital cities increase 1.8% according to the Financial Review with Adelaide leading the way for the capitals with 5.6% followed by Brisbane with 3.2% while Lismore saw growth of just over 7% in 2020.

The average house price in Lismore is now $370,000 and local real estate agents say it show no signs of slowing down in 2021.

Sharon Dowling from The Professionals told the Lismore App that COVID-19 had no impact at all on the hot Lismore property market. "The first month during lockdown we saw a slowing of prices but then it was back to normal pretty quickly," Sharon said.

Why is the Lismore real estate market so hot?

"We have a massive shortage of supply," said Nathan Gordon from R Gordon & Son, "There is just no development going on so we have a real buyers market in Lismore."

"On top of that if you look at the average house prices in our neighbouring areas you can see that Lismore still offers great value to get into the property market."

Byron Bay's average house price is $975,000 which includes the suburb of Clunes, while Ballina's $543,000 and Alstonville is $560,000.

"Who knows where this market will end up," said John Briggs from Patch & Taylor, "It is a good time to sell with demand outweighing supply. This doesn't look like changing any time soon unless council can release more land and even then it will take some time."

Some houses are on the market for only a couple of days before they are sold and some houses are not even listed as they are shown to registered potential buyers who snap them up, sometimes at above listing price.

One seller had accepted an offer only to turn around and accept a larger offer that was well above listing price. One house has been on the market since 2004 and even that has been sold.

There are stories of young couples from Sydney and Melbourne making enquiries about Lismore real estate because they have jobs where they can work from home. One such Melburnian couple work in IT and Recruitment and are looking to make Lismore home in early 2021.

With no sign of land development in the sizes needed to calm the property market look for more price rises in 2021.