Cities down but Tweed still red hot
By Jo KennettTHERE 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
Greenbank Hospital precinct - 'Allamanda Court'
When you desire location and crave convenience then this unit is a terrific choice!
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Open plan living with tidy kitchen and balcony with sun blinds
Single lock up garage
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CONTEMPORARY STYLE AND CAPTIVATING BROADWATER VIEWS
Commanding an elevated presence with views spanning across the Broadwater and beyond
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Corner allotment offering dual driveways and easy access to an impressive 664m2
Short drive to local schools, shops, M1 and only 15 minutes to iconic beaches
81
PRICE
Thoughtfully considered design, timeless architecture and modern convenience
Superior finishes and premium inclusions, including a suite of premium integrated appliances
Open plan living and outdoors with the effortless integration with the expansive alfresco balcony
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Immerse yourself in this brand new residence and enjoy a lifestyle without compromise
Spacious one bedroom with ensuite and built-in robes
Large kitchen with heaps of storage plus separate toilet/powder room
Roomy lounge / dining open onto private balcony
Plantation shutters and ceiling fans throughout
10m balcony straddles whole length of apartment 200m flat walk to either Greenmount beach or Rainbow Bay beach
Do you want to know what your property is worth in today's current market?
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.
CONTACT ME TODAY TO ARRANGE A COMPLIMENTARY AND CONFIDENTIAL SALES OR RENTAL APPRAISAL
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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
• Generous formal & informal living areas
• Separate family/media room
• Master bedroom with walk in robe & ensuite
• Large main bathroom with separate shower & bath
• Well-appointed kitchen with granite benches, 6 burner gas hot plate & 900mm oven
• Ducted reverse cycle air-conditioning
• Extensive wrap around covered balcony / decking with full sun blinds
• Fully tiled in-ground pool
• Automatic double garage plus exterior space for caravan or boat
• 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
Auction In-Rooms 14th March at Ivory Waterside Tavern Tweed Heads 6pm AEDT
AUCTION AUCTION
Auction In-Rooms 14th March at Ivory Waterside Tavern Tweed Heads 6pm AEDT
