All About Backmede, Richmond Valley, NSW, 2470

Backmede Real Estate Market Outlook

Thinking about buying in Backmede? Now could not be a better time, with just 64 residential dwellings it's a highly sought after location. The average property price in this area is in the region of $1,366,000 with prices in this suburb ranging from $400,000 to $3,857,000. The aproximate distance to the coast is 48 Km.

In Backmede there has been a history of lower than average prices and demand, offering opportunities for investors or first home owners, especially in the context of the growth in working from home. Low average incomes in Backmede is reflected in smaller and lower quality accommodation. Over time this may change providsing long-term returns but in the short to medium term, prices are likely to be less than state averages. Low average earnings from people in Backmede leads to lower quality housing which also negatively impacts the provision of facilities. As a consequence this area is often seen as less desirable, with lower quality of housing and slower price growth. Low population density implies low demand and limits housing choices and price increases. Could be a good entry point for first home buyers needing to somehow get into the market. With very low industrial sector presence in Backmede the focus is on lifestyle, driving specific demand around facilities, services, and open space. Most people are employed in service sectors with a higher than average proportion being able to work from home. This may incease demand over the medium term.

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