HOUSE PRICES continue to boom on the Tweed Coast with Pottsville seeing the biggest growth in house prices over the past 12 months.
What was once a sleepy fishing village has now become a popular place for families and retirees to purchase a home, and with median house prices to the north inching closer to the million dollar mark, Pottsville remains a more affordable place to buy.
According to Core Logic, the current median house price in Pottsville is $595K which has increased by 14 per cent over the past year.
Further up the coast, the Kingscliff median house price continues to show no signs of slowing down with a 12 per cent increase over the past 12 months to $855K.
Casuarina remains the most expensive place to buy a house on the coast with the median price climbing 7 per cent over the past year to just under a million dollars at $950K.
Bogangar saw the least amount of growth over the past 12 months with a median house price of $580K growing 6.7 per cent.
The big house prices seen to the north are related to the number of newer homes being constructed along with several multimillion dollar properties changing hands. The southern end of the coast consists of more older homes and prices of homes in newer estates in Pottsville are more affordable as they are targeted towards families.
The past year has seen a trend away from units on the coast with minimal growth in unit prices in most areas.
Pottsville is the cheapest place to buy a unit on the coast at a current median unit price of $403K which has not grown at all in the past 12 months. During the past 12 months there have been more houses sold than units in Pottsville with 134 houses sold and 91 units sold.
Kingscliff also saw 134 houses sold, whilst 168 units sold. Unit prices in Kingscliff lost 3.5 per cent over the past year to a median price of $430K.
The median unit price in Casuarina increased by less than half a per cent over the past year to a median price of $452K.
The only area on the coast to see growth in unit prices was at Bogangar where unit prices increased by 19 per cent to $416K.
These figures are backed up by CoreLogic’s Pain and Gain December quarter report which showed that more than twice as many units in the Richmond-Tweed area were being sold at a loss compared to houses.
Growth in the property market throughout the region remains strong with the area having its lowest proportion of loss making sales since July 2010 and down from a peak of 25 per cent four years ago.
According to the report, confidence in regional coastal and lifestyle markets such as the Tweed will remain strong throughout 2017.
