THE WEEKLY has compiled your exclusive quarterly real estate report with all the latest movements in the Tweed’s housing market.
Despite the national median house price falling 6.9 per cent in the past year and the NSW regional market dropping 3.6 per cent, most suburbs across the Tweed Shire are experiencing positive growth. This growth is important for realtors as they negotiate to get homebuyers their best price for their new homes. With this uptake, realtors will need to be ahead of what’s happening and utilize everything in their arsenal to provide for their clients. From arranging viewings to managing their finances with accounting services for realtors, all of it comes together to help them grow in this climate.
There’s been strong quarterly growth across several suburbs with Murwillumbah houses topping the list at 5 per cent, followed by Tweed Heads South (2.7 per cent), Casuarina (2.5 per cent), Stokers Siding (1.8 per cent) and Tweed Heads (1.7 per cent).
Several suburbs, however experienced negative quarterly growth in median house prices with Uki losing 3.7 per cent, Bilambil Heights 2 per cent and Banora Point 1.3 per cent.
The drop in median prices in Banora Point came off the back of a high volume of sales, with 327 properties sold in the past year, but 50 less sales compared to the previous year.
Over the year median house prices in Uki grew by the highest percentage (24.3 per cent) followed by Casuarina (19.2 per cent), Kingscliff (11.2 per cent), Murwillumbah (10.5 per cent) and Terranora (8.8 per cent).
Just over two years ago, The Weekly reported there were two suburbs where you could buy a median house for under $400,000 (Murwillumbah and South Murwillumbah) while for less than $500,000 you could buy a house in Tweed Heads South, Tweed Heads West, Bilambil Heights, Uki, Tyalgum and Tumbulgum.
There are now only two suburbs in the Tweed where the median price is under half a million dollars which are Tyalgum and South Murwillumbah.
The unit market has also shown mixed results over the quarter with Tweed Heads South having the strongest growth (4.1 per cent) followed by Tweed Heads (2.3 per cent) and Kingscliff (1.4 per cent).
Bogangar units had the highest drop in prices over three months (-7.9 per cent) but an increase of 36.5 per cent in 12 months, followed by Banora Point (-1.2 per cent) and Tweed Heads West (-1 per cent).
Over 12 months Pottsville had strong growth in unit prices (13 per cent) followed by Tweed Heads South (8.6 per cent) and Kingscliff (8 per cent).
The Weekly spoke with several local real estate agents to find out what buyers are looking for most and what the market has generally been like during the past quarter.
First National Real Estate Sales Agent Adrianna Jenkins said the real estate market in the Tweed continues to be a strong and steady market with good sales trends and home buying stress seems to be at a significant low.
“I have been hitting records for highest sale values in the street which is showing we are still a very desirable location to live,” she said.
“We are seeing a lot of people moving to the area, attracted by the scenery, the great dining options, the short drive to the beaches and the friendly faces of the locals.”
Ms Jenkins said that the buyers in the Tweed Valley are always looking for the best property to enjoy the beautiful surroundings and tranquillity. That is why they seem to be working closely with real estate agents, who have a good experience finding suitable properties. However, this is not just it! According to her, many homeowners also seem to also look for real estate developers like Lincoln Frost, who can help in the acquisition and strategic delivery of the residential properties.
“Buyers each have their own ideal property whether it be a stunning traditional classic or a sparkling new build and the best part about being a real estate agent is helping people find the right place to call home,” she said.
“Investment properties are in high demand with investors understanding the promising rental return and desirability of the location.”
Ray White Murwillumbah Principal Brad Franks said buyers are looking at the Tweed Shire for both investment and lifestyle properties as the Byron and Gold Coast markets are becoming unaffordable.
“The residential market is still the prime selling point for us, however the lifestyle market is still showing strong signs with plenty of enquiries,” he said.
“We’re finding enquiries from Sydney and Melbourne markets are cooling somewhat, whereas the Brisbane and Gold Coast buyers are still showing strong interest as they see value in the Tweed Shire region.”
In response to what sort of properties people are interested in purchasing, Mr Franks said affordable residential and beautiful acreages are the most popular.
“Affordable residential living and beautiful acreage lifestyle properties are available here on the Tweed, so the enquiries for these are very strong,” he said.
“As the Tweed Coast is joining up with the Byron market, people are seeing the real value in the hinterland including the Murwillumbah market.
“We’re finding a lot of interest from Byron Shire residents wanting to escape some of the high prices down south and are opting for investment and lifestyle in the Tweed Shire.”
According to CoreLogic the median house price in Byron Bay is $1.55 million, which has decreased by 8 per cent over the quarter and 4.6 per cent in 12 months. Byron Bay’s median unit price had just over 1 per cent growth in 12 months and currently sits at $797,000, more than a quarter of a million dollars higher than the Tweed’s highest median unit price of $535,000 at Kingscliff.
Elders Murwillumbah Principal and Sales Consultant Sally Mitchell said the Tweed real estate market has been relatively slower compared to last year.
“But we are still achieving great prices across the board,” Ms Mitchell said.
“We have been selling a range of properties to all different buyers from first home buyers to investors.
“Our biggest enquiries have been coming from our acreage properties, as people are wanting to make an escape from town life.”
DJ Stringer Principal David Stringer said media hype has a lot to do with the market state as well as political unrest.
“The real estate market is best summed up as being in a state of flux, which is fueled by media hype surrounding a downturn in the market, especially experienced by our southern states and their capital cities, which is quite a broad generalisation for us far north,” he said.
“However, yes, whilst we agree the heat has come off the market, buyers are still active, although at this point in time they haven’t as yet had the benefit of being able to choose from a lot of stock.
“So simply put, the more stock becoming available will certainly attract more buyers that are eager and ready to buy.
“In addition, both buyers and sellers are curious and or concerned about the political state of affairs, together with possible tax implications and as such, are keeping their cards close to their chest until after the election.
“Post-election, look out its game back on in the real estate market.”
Mr Stringer said the Tweed has so much to offer in terms of properties to keep buyers interested.
“We are so lucky to be surrounded by beach, bush, rural/acreage and traditional suburban homes, all within a five to ten kilometre radius and as such appeal to almost every buyer’s requirements,” he said.
“Demand has been the strongest for units around the central Tweed sub $500k as well as acreage and rural up to $1.5million, with buyers and investors relocating from southern states, Brisbane and our traditional locals down -sizing or upsizing.”
