Exclusive agent market update
By Jo KennettWITH INTEREST rates thought to be at the top of the cycle and the local real estate market stabilising, demand for local property is still strong, according to local agents. The Weekly caught up with local real estate experts to see how the market is going at the moment, after a bombardment of rate rises from the Reserve Bank which has seen a decline in interest from investors and first-home buyers.
Northern Rivers Property Group
Northern Rivers Property Group principal Paul Stobbie said a large proportion of the buyers he and his team were seeing are still coming from the major cities “with the second most popular cohort coming from the Gold Coast and Sunshine Coast corridor.”
“Of 29 offers received through the last quarter, 17 of those were from Melbourne and Sydney buyers,” Paul told The Weekly Real Estate.
“The other segment gaining some momentum is locals downsizing from acreage they have been on for quite some
time and downsizing into a more manageable town block or much smaller acreage.
“The market has certainly stabilised over the last quarter after a quieter than usual first quarter of ‘23, with buyer confidence returning now that we are at the top, or very close to the top, of the current interest rate cycle.”
Paul believes that buyers have a more confident outlook now of at least borrowing capacity and thus “are able to go forward with an offer they can support.”
“Prices have stabilised after a continued downturn throughout the back half of 2022 and now we are now seeing prices remaining solid over the last three to four months,” he said.
“Prices do not look like dropping in the near term, meaning it’s a great time to buy.
“Murwillumbah remains a very popular location with it being firmly in the thoughts and minds of downsizers and tree-changers looking for a vibrant, happening community with its continuing burgeoning arts and food culture driving tourism, not to mention the
Open Homes
very popular rail trail.”
Paul is expecting a “stable and steady” six to 12 months ahead for both sellers and buyers “with no real change forecast until at least the first quarter of 2024.”
“That’s with a caveat that the effects of the last 12 months of interest rate rises may yet to be fully felt with around 1 million mortgagees coming off a low fixed interest rate to a much larger variable rate over the next six months which may force some sales, but we feel this area may be able to ride that out by and large,” he said.
DJ Stringer Property Services
DJ Stringer principal David Stringer said there is still strong demand, particularly from city buyers, in the Tweed Heads and Tweed Coast areas.
“The demographic of buyer enquiry hasn’t really changed, still a majority of local buyers including Brisbane, as well as a large percentage from Sydney, Melbourne and Canberra,” David told The Weekly Real Estate.
“In particular, the enquiries from first-home buyers and investors
have declined on the back of interest rate increases.
“Many are still in the market to buy, however they are waiting for the right opportunity and prices to fall.”
David said he was seeing some sellers lowering prices “based on lower demand and in some areas more competing property being listed for sale” but there was good news for investors in the local market.
“The Tweed central area is still very much in demand and anything within a few kilometres to the beach,” he said.
“Also, there is a strong demand for acreage and luxury property.
“Despite a slight dip in the rental market recently which saw rents fall marginally, enquiries and lettings are on the up and have doubled within our office during the last month alone, largely due to setting the correct market rents.
“In addition, there is strong demand for prestige homes and apartments across the Tweed and southern Gold Coast.
“All in all, this is positive news for investors with plenty of demand for all types of rental property.”
Read more valuable insights from local agents in next week’s edition.
4 Maria Court, Condong, 11-11.30am 26 Prince Street, Murwillumbah, 12-12.30pm 8 Riverview Street, Murwillumbah, 1-1.30pm
4 Maria Court, Condong
Spacious 4 brms | 2 living areas | media/office | pool
This immaculate and beautifully maintained family home will be a joy to come home to. Taking in an elevated position overlooking the parkland setting offers a protective position without losing your stunning river & mountain view. Spacious throughout with a beautiful modern kitchen, 2 separate living spaces plus a media room/office, ensuited master brm and a private, fully fenced yard with large covered outdoor living area & inground pool.
26 Prince Street, Murwillumbah
4 spacious brms | 2 living areas | studio | covered car accom
Open Home Sat 11 - 11.30am
Price Guide $1.2 - $1.295m
199 Tweed Valley Way, South Murwillumbah
3 bed | 2 bath | boatramp & timber jetty | mountain views
This solid home has been completely renovated by a builder, from the inside out and retains original timber floors & decorative plaster ceilings. Full privacy fencing from road with room to manoeuvre in back yard, the property has a boat ramp and timber deck where you can fish, kayak or row, launch the tinny or push the ski boat in. Covered outdoor living area for relaxed entertaining ,open plan living, sunroom/entry, 3 nicely proportioned bedrooms (ensuited main), sep. toilet, remote garage & storage/workshop area. Updates: New roof & sisalation, plumbing & wiring, plaster linings, fixtures & fittings, windows & doors, 2 bathrooms and kitchen. All asbestos & lead paint removed. No upper level flood inundation in 2022.
Open Home Sat 10 - 10.30am
Guide range $880,000 to $920,000
Beautifully presented and maintained 1940's bungalow in flood free position within walking distance to the town centre. Superbly elevated with a north-east aspect, cottage gardens & car parking for 2-3 cars from a two street access. Original features include 11ft ceilings (approx.), original windows, French doors, polished timber floors, a weatherboard exterior and a list of updates already completed. Dual living with 3 bedrooms, 2 living areas (main residence) and a self-contained studio at the rear with its own entrance ideal for home business, family or income.
8
Riverview Street, Murwillumbah
3 bed | 2 bath | extensive storage | walk to town
Meticulously presented, this home provides modern comfort with added benefits that include extensive secure storage areas, plenty of covered car accommodation for (5) vehicles, including your trailer, boat or caravan, plus room in the fully fenced rear yard for children, pets and a garden, all conveniently accessed from the rear lane (Nullum Lane) through double gates. There is nothing to do but move in and start enjoying this low maintenance property, being able to walk to town, access to parkland (Knox Park) for the kids and of course freeing yourself up to enjoy your weekends. No renovations, no huge lawns or big gardens to look after either. Genuine seller is relocating for work & business opportunities.
Belinda Franks - 0409 152200
Ray White Rural Murwillumbah
Open Home Sat 12 - 12.30pm
Guide Range $880,000 to $920,000
Open Home Sat 1 -1.30pm
Guide Range $890,000 to $920,000
