Cities down but Tweed still red hot

By Jo Kennett

THERE HAS been a marked decline in national property prices but regions experienced a slight increase and the Tweed Shire has mostly increased over 2022 according to the latest property data.

Casuarina was one of the few Tweed suburbs to experience a slight decline, but it was units in Murwillumbah that bucked all trends and jumped by more than 50 per cent over the past year.

According to the PropTrack

2023 Property Market Outlook Report, national property prices had declined 4.3 per cent by December 2022, with houses recording a larger decline (down 4.6 per cent) than units (down 2.6 per cent) from their peak in March 2022.

“As prices have fallen and the cost of borrowing has risen, the urgency to sell and purchase has reduced significantly,” PropTrack Director of Economic Research, Cameron Kusher, the author of the report, wrote.

“This is highlighted by fewer properties coming to market for sale and the ongoing fall in the number of property sales.

“This suggests that most homeowners aren’t in a position where they have to sell, and that buyers aren’t under pressure to purchase.

“It will be interesting to see how this evolves in 2023 once interest rates peak and as those on fixed rates due to expire face the reality of much larger mortgage repayments.”

That’s the big question, with many financial experts believing the Reserve Bank should keep interest rates on hold until the effects of the rise in rates on the economy and households — which lags months behind the actual rises — can be seen.

The biggest drop in prices was in Sydney, with a 7. 2 per cent decline.

“Nationally, we are forecasting prices to fall by a further 7 per cent to 10 per cent by the end of this year,” Mr Kusher said.

“This forecast is based on the assumption that the cash rate will increase 50 basis points from its December 2022 level (3.1 per cent).

“We are expecting a further two 25 basis point increases in the cash rate.

“Thereafter, we expect rates to remain on hold, with the potential for them to be reduced in late 2023 or early 2024.”

Mr Kusher said demand for regional properties is also likely to slow and, given prices have seen stronger growth in these areas than within the capital cities, they expect to see price falls in these markets too.

Right now, though, the Tweed Shire market is holding fairly firm, with only a slight decline in prices as the dust settles on the pandemic real estate madness. While regional prices declined nationwide by a lower 2.1 per cent, prices actually rose by over 1.1 per cent in NSW.

In Murwillumbah things were looking even rosier.

The median prices for houses in the 12 months from February 2022 to January 2023 rose 4.2 per cent to $800,000 although they are definitely flattening off. Unit prices in Murwillumbah jumped an astronomical 51.3 per cent to a median of $575,000. In Tweed Heads median house prices jumped 19.8 per cent over the year to $1,257,500.

Units experienced a jump in prices of 9.8 per cent to a median of $706,250.

Houses in Tweed Heads West were up 9.6 per cent to $885,000 while units were up 8.8 per cent to $462,500, making them one of the best bargains in the shire.

Kingscliff homes (which includes Salt) were already through the roof but were up a further 11.1 per cent over the past year to a median of $2 million.

Units there were only up 4.9 per cent to $880,000 with a flattening of the price curve now becoming evident.

House prices in Casuarina were one of the few to decline, down 2.4 per cent to $2.05 million.

Casuarina units bucked that suburb’s trend, up 16.6 per cent to $932,500.

Bogangar homes were down but only by 0.5 per cent to $1,432,500 while median unit prices were up 11.1 per cent to $852,000.

The median price of Pottsville houses was up 9.4 per cent over the 12 months to $1.4 million while units there were up 13.9 per cent to $900,000, which seems a lot but remember some of these units come with a big price tag and water views which raises the median substantially.

Median house prices in Banora Point were up 10.1 per cent to $980,000 while units only experienced a 2.8 per cent increase to $650,000, which is still a lot of money for a unit.

Prices in Terranora were also up for houses by 18.3 per cent to $1,242,500 with not enough unit sales to establish a clear trend. There were big declines in sales in regional NSW, down 23.9 per cent.

“For regional areas, it is reflective of the reduced impetus to leave the capital cities,” Mr Kusher said.

“In the larger capital cities, it reflects homeowners’ reduced confidence to sell as interest rates have continued to climb and prices have fallen.”

HEADS

OWNERS SELLING INVESTMENT - NEAT & TIDY

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81

PRICE

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Schmith Estate Agents is a boutique agency specialising in selling and leasing from Gold Coast to Byron Bay. Local Agent, Ben Tribolet has serviced and successfully achieved premium results for his client around the Southern Gold Coast and surrounds since 2007. We offer an effective and proactive approach that sets us apart from others. Our brand represents sophistication, integrity and success.

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6 3 2

RESORT ENTERTAINER COMPLETE WITH VIEWS, POOL & BAR

Commanding an immediate sense of space, a revelation of quality, style and entertainment excellence unfolds from the moment you enter the property via the secure front gate. Impressive in size and features, nothing has been overlooked in creating this summer masterpiece with versatile indoor/outdoor living options that captures sweeping 180' hinterland, ocean, and Surfers Paradise skyline views within ten minutes' drive to shopping and famous beaches.

15 DALLIS COURT, DUNBIBLE

65 COMINAN AVENUE, BANORA POINT FOR SALE 4 1 5

COUNTRY RETREAT WITH PICTURESQUE VIEWS ONLY MOMENTS TO TOWN

Privately positioned in a quiet cul-de-sac country lane setting with only one neighbour. A feeling of seclusion yet uber close to in-town convenience, with ideal northeast facing views of the surrounding farmland set on a manageable 1.87 acres. The single level, easy to maintain brick and tile residence offers open plan living, with two separate areas and undercover alfresco patio for entertaining and relaxation. Featuring an American style barn shed for plenty of secure storage. Two minutes' drive to Tweed Regional Gallery & Margaret Olley Art Centre and Guinea's Fruit, Veg & Asian Grocery Store. Ten minutes to renown Mavis' Kitchen and Cabins.

3 Highland Drive Terranora

Enjoy a hint of cool country living close to all major amenities, from this overly spacious (4) bedroom lowset residence commanding scenic views and surrounded by a playful 7635m2 allotment with rolling lawns.

KEY FEATURES

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• Large main bathroom with separate shower & bath

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• Mature easily manageable gardens with a range of shady trees over wide spread rolling lawns

Land Size 7635m2

For Sale

$1,800,000

Open Saturday 18th - 11:30 - 12:30pm (NSW Time)

David Stringer 0418 150 731 david@djstringer.com.au the home of real estate