(Printed on Thursday, January 16)
THE TWEED Shire real estate market is likely to continue to run hot in 2020 with a range of attractive prices across the Tweed Valley while several Tweed Coast suburbs continue to grow at rapid rate.
Banora Point was the strongest performing suburb for units with 6.6 per cent growth in the past year, while units in the coastal suburbs of Casuarina, Pottsville, Bogangar and Kingscliff all experienced an easing over the past 12 months.
Kingscliff houses remain the strongest growth market across the Tweed with a whopping 14.6 per cent growth in the past 12 months and shows little signs of easing.
House price growth was also seen at Tweed Heads South (5.1 per cent), Bilambil Heights (4.3 per cent) and Casuarina (3.9 per cent).
Now is an ideal time for first-home buyers to purchase a home in the Tweed Valley, with Uki, Murwillumbah, Nunderi, and Terranora all experiencing a reduction in the median price during the past 12 months. People already owning houses, in Tweed Valley or in different regions of the world who have long been planning to exchange cash for houses austin, New York, Manchester, or elsewhere can also take advantage of this opportunity.
First-home buyers looking to avail the benefit of the Federal Government’s First Home Loan Deposit Scheme will not have many options as the scheme is capped at $450,000 in NSW regional areas but will open the door to unit options.
The government scheme guarantees first-home buyers with a deposit as low as a five per cent without having to pay lender’s mortgage insurance.
A total of 3,000 first-home buyers out of 10,000 have already registered for the scheme in 2020.
The Weekly has again contacted some of the Tweed’s best local real estate agents to provide readers with a valuable insight into the Tweed Shire real estate market including tips to sell and their outlook for 2020.
First National Real Estate Murwillumbah Estate Agent Anne Besgrove said the Tweed Shire is a unique location and therefore the real estate market has remained solid.
“Buyers come from all regions to our lovely valley,” she said.
“Prices for properties in our local valley have remained constant and not dropped unlike major cities such as Sydney.
“Our valley is the valley of contrasts having a range of homes from new builds to Queenslanders and original homes.
“The surrounding villages of Uki, Stokers Siding, Nobbys Creek, Burringbar, Tyalgum, Chillingham and Crystal Creek to name a few – offer beautiful lifestyle acreage properties for those looking to have a horse, an orchard and vegie garden, livestock or self-sufficient lifestyles and incomes.”
Ms Besgrove is a rural specialist having owned and run cattle farms on the Tweed for the past 30 years.
She said choosing your real estate agent is the first and most important step in selling.
“It’s vital that you can place trust in your real estate agent to work in your best interests and not just to get a quick sale,” she said.
“I pride myself in being honest and working hard for both my sellers and buyers and as a result a lot of my business is referral based.”
Moreover, if you are buying real estate for investment and as a part of retirement planning, also consider discussing the pros and cons with your legal advisor. You can contact a law firm (for instance, a Denver probate law firm) to get information on estate planning and retirement prospects.
Ms Besgrove said she was “very positive” about the outlook for real estate in 2020 in the Tweed Valley.
“We live in a beautiful part of the world, it’s no wonder people want to live here,” she said.
“I’ve been employed by First National Murwillumhah for the last 10 years, offering a lot of experience and knowledge in the marketplace, if you would like a free appraisal or looking to sell your home please contact me for further assistance.”
Elders Tweed Valley Principal Craig Dudgeon said the previous quarter was as expected with the traditional “selling season” experiencing lots of activity and great results achieved.
“Prices held firm due to the shortage of stock,” Mr Dudgeon said.
“Lots of purchasers have been pushed out of other areas such as Byron Shire, making the move further north.
“Mullumbimby, Ocean Shores and Brunswick Heads residents are a large percentage of purchasers currently in the Tweed Shire.”
Mr Dudgeon said horse and lifestyle properties were the number one most sought after properties, but all properties were in high demand leading up to Christmas.
“Investors and first-home buyers are back in force and that $450,000 to $500,000 bracket has loads of competition,” he said.
“Anything along the Tweed Coast is performing well with results at record levels.”
Mr Dudgeon said his top tip for sellers is “present your property for sale”.
“Go that extra mile to get your property looking its best, you don’t need to go spending heaps of money,” he said.
“If you’re thinking of selling in 2020 start now doing the things you know you’ve talked about but haven’t quite got around to. It will make the difference.”
As a first step, you may need to repair all the damaged areas in the house, such as the walls, roof, floors, and woodwork. As well, you may have to finish the repairs before you sell your home. That’s why it seems imperative to contact trusted service providers (like Perfect Exteriors roofing company) who can repair your home in the least possible time.
Furthermore, you can fix electrical wiring and plumbing fixtures, paint walls, and make some other modifications. After such major restoration works, there is a high chance that you will get high bidding for your home.
Since the exterior makes the first impression, also repair exterior elements. You can explore Forever Iron’s site or a similar door company to replace the entrance door with something creative and detailed doorway.
Mr Dudgeon said his outlook for 2020 is “very positive”.
“If you have been lucky enough to own property in this beautiful region you can understand why everyone wants to live here,” he said.
“Limited listings and continued interest will keep our investments performing well.
“I get asked a lot “when is the best time of year to sell”, looks like 2020 is also proving to be a great time.”
DJ Stringer Principal David Stringer said the Tweed Shire has remained relatively unchanged over from the previous quarter and remains a strong market for investment and lifestyle.
“Buyers are gravitating towards homes under $600K and acreage property up to $1.25 million, investors are still in the market looking for duplexes and units around $450K,” Mr Stringer said.
Mr Stringer said anyone looking to sell in 2020 needs to pay attention to the exterior.
“Prepare you property well, de-clutter, pay special attention to the exterior of the property as that is the window to your home and appoint the best agent that has extensive experience and can relate to all demographics of buyers,” he said.
Mr Stringer’s outlook for 2020 is likely to be a “stellar” year for the Tweed.
“The market in 2020 is likely to continue its stellar form from 2019,” he said.
“An abundance of buyers and limited stock, although we do believe that buyers should have a bit more to choose from. We do expect it to still be a seller’s market.”
P Smith & Son Real Estate Principal Paul Leslight and Sales Agent Sonja Pfister-Skeen said the current Murwillumbah and surrounding markets “remain strong”.
“This is a reflection of a combination of contributing factors such as supply and demand along with record breaking low interest rates, with talk of further cuts,” Mr Leslight said.
“The investors we are seeing; both mum and dads along with commercial grade investors, know that they will gain a higher percentage return in bricks and mortar than funds being held in banks.
“Borrowing is cheaper in the residential sector – lowest interest rates in history combining with incredibly high rental demand and excellent returns.”
Ms Pfister-Skeen said the median rental return for a four-bedroom home in Murwillumbah is $520 per week and three-bedroom homes are returning around $450 per week.
“Rental returns on units in the area range from $350 per week to $400 per week for two and three bedrooms consecutively.”
Mr Leslight said buyers are coming from all parts of the country with budgets ranging from $350,000 up to $1,000,000.
“Although we are in an environment of dealing with climate change and drought crisis, the Tweed has received a hard knock, however, in comparison to other areas the blow has not been quite as devastating and has not had an impact on the 2484 property prices,” he said.
“Rural lending is tough; for larger land holdings up to and over 150 acres some banks are asking for a 40 to 50 per cent deposit.
“Vacant rural lending is even harder. In saying that, we are still getting asking price or very close to it within one to two weeks of the commencement of market campaigns.
“Furthermore, buyer confidence is strong as the December / Christmas period was the busiest we have seen in 10 years.”
Ms Pfister-Skeen said the hot tips for 2020 is for sellers to remember that “a first impression is a lasting impression”.
She also emphasised a realistic price point.
“Gone are the days of over-pricing; you want the best price along with the best terms and conditions of sale and choosing the best agent. This is a huge commitment,” she said.
“I believe that the market will continue to stay strong until the end of the financial year; then slightly taper off. This of course is governed by the world and local economy.
“I think it’s time that we should all be grateful that we have the opportunity to live in undoubtedly the best part of the world. Where else can you live that offers the best beaches in one direction and lush, protected rainforest in the other. The 2484 region can only be described as God’s country.”
Raine & Horne Murwillumbah Licencee Jason Dittmar said the fourth quarter of 2019 experienced strong growth in the property market which was a continuation of the upsurge the market experienced following the Federal election.
“Strengthening sales through auction results from Sydney have resulted in a competitive environment where buyers are not able to satisfy their requirements even though they have money in the bank,” he said.
“There remains an under supply of many types of property, particularly lifestyle properties and vacant residential land.
“2020 sees the launch of the First Home Loan Deposit Scheme where first home buyers can apply for a low deposit loan of five per cent.
“This has been capped at 10,000 loans up to the end of the financial year, with a further 10,000 to follow in the 2020-21 financial year.
“There is also a cap on the value of the loans at $450,000 in regional NSW.
“Interest from first-home owners has been exceptional and this is sure to have an upwards effect on prices at the lower end of the residential property market.
“We have buyers waiting, call now for an appraisal, it’s a seller’s market.”
READ MORE in the Tweed Valley Weekly printed every Thursday and deliver through house drops and bulk drops across the entire Tweed Shire.
