Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Two more Tweed towns join million-dollar club
By Jo Kennett TWO TWEED Coast towns have featured for the first time in the ‘Million Dollar Market’ list of suburbs that have median values over $1 million. Pottsville and Bogangar joined 218 other new entries in CoreLogic’s inaugural Million Dollar Markets report this week. The report includes house or unit median values that reached the million-dollar-mark in May 2021 compared to May 2020. Pottsville featured for the first time in the Million Dollar Club for Regional NSW at number 24, with a median value for homes of $1,074,978. That was up from $819,880 in May 2020. Bogangar also joined the Million Dollar Club at $1,047,300, significantly higher than the $753,817 median value recorded in May last year. Across regional NSW, 55 markets (53 house and two unit) came in with a median value at or higher than $1 million in May 2021, which was a total 267 per cent higher than one year earlier.
The dramatic price rises in the two towns has seen quite a few locals opting to take advantage of the market to sell up and move into more affordable markets elsewhere, significantly reducing or paying off their mortgages in the process. The four highest median property values in regional NSW in May 2021 were in the Richmond-Tweed region with Byron Bay unsurprisingly on top and Myocum second, both with median values over $2 million. Federal and Suffolk Park came in at third and fourth with median values close to the $2-million mark, though none of the top four are newcomers to the Million Dollar Club. Lennox Head topped the regional newcomers to the list with a median home value of $1,402,024 (up from $990,798). Skennars Head, Brunswick Heads, Ocean Shores, East Ballina and Mullumbimby all made the list, all of them higher in value than the Tweed Shire newcomers.
Open homes
Bogangar has made it onto the million-dollar market list and so has Pottsville
Surprisingly, Kingscliff didn’t feature on the list, despite Proptrack data citing the median home value as $1,355,000 from June 1, 2020 to June 25, 2021, but that may just indicate that there has been more units on the market below the $1-million price tag recently.
Nor did Casuarina, which Proptrack shows as having a median value of $1,705,000 over the past 12 months or so. However, local real estate agents say that housing stock in the area is being held more tightly due to concerns about buying elsewhere. Many long-term local renters have been forced to move out of
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