Price drop provides buyers’ window

By Jo Kennett

THIS TIME last year, CoreLogic’s Million Dollar Markets report featured a record number of house and unit markets with a median value of $1 million or more.

One year and 12 interest rate rises later, members of the million-dollar club experienced a dip below the million-dollar mark, including three Tweed Shire suburbs.

Between April 2022 and February 2023, CoreLogic’s National Home Value Index moved through the sharpest decline on record, falling 9.1 per cent in 10 months.

While national dwelling values have recovered 2.3 per cent over the past three months, they remain 6.9 per cent below the recent peak.

As of May 2023, 988 (22.3%) of the 4,436 house and unit markets analysed nationally had a median value at or above $1 million, down from 1,243 or 28% this time last year.

The median value of Banora Point houses dropped 20 per cent from $1,076,236 to $860,856.

The median value of houses in Tweed Heads was also down

20 per cent from $1,188,510 to $950,592.

Tweed Heads West houses were down 17.3 per cent from $1,050,956 to a median of $868,855. But don’t worry people, the market is still strong and there are some pretty amazing multimillion-dollar properties in our lovely shire — after experiencing some of the greatest increases in its history.

Adrianna Jenkins and Paul Stobbie from Northern Rivers Property Group have an absolute stunner of a home for sale in Murwillumbah.

Paradise Palms is a fivebedroom, three-bathroom 120-year-old fully renovated Queenslander on a 867m2 block. The old-world charm of the building; illustrated by the original coloured glass, ceiling roses and hopscotch casement windows, has been retained with some lovely modern touches added. It’s just a short walk into town and in an elevated position

The garden and balconies provide plenty of alfresco areas to enjoy.

You really need to check out this property to see the craftsmanship that has gone into the renovation.

Another gorgeous property is for sale at 424 Zara Road with Craig Dudgeon at Elders Tweed Valley Murwillumbah.

The main residence is a beautiful Tuscan-style villa with four bedrooms and two bathrooms — plus two magnesium plunge pools, while the guesthouse has another three bedrooms and two bathrooms.

Set below Bald Mountain with seven waterfalls and several grazing paddocks, this is the perfect place to relax, recharge and enjoy some of the best sunrises and sunsets in the Northern Rivers.

The 142.79 acre (57.79 hectare) property also features two large machinery sheds, plenty of water with five 23,000-litre storage dams, multiple spring-fed creeks, four-wheel-drive tracks and walking trails, all just 20 minutes from Murwillumbah.

So while there may not be as many million-dollar-plus homes in our shire now, there are some sensational properties over that threshold that most of us can only dream about, but that some lucky buyers could soon be calling their own.

Postion, Position, Position

We don’t need to say too much more with this one as the old adage about the three most important things to consider when buying real estate are the three P’s… Position, Position, Position…. speaks for itself with this property. After you walk out the front from this spotless, ground floor unit, it is a leisurely two minute stroll to the middle of Tweed Mall Shopping Centre and even less to the river!

Set in a tightly held building of only 6 lots, this property should have strong appeal to both independent retirees seeking the convenience of in town living and also astute investors seeking a solid, prime location bricks and mortar investment.

4/17 Endeavour Prade Tweed Heads

• Great position – an easy flat walk to shops, clubs, cafes + restaurants, patrolled beaches, transport, medical services plus lots more.

• Minutes to Gold Coast Airport and John Flynn Hospital.

• Small well kept building with affordable strata levies ($60 per week including water).

• Sunny, north facing aspect with a nice garden outlook.

• No car required – you can walk everywhere.

• Top shelf investment or ideal retirement unit.

• Ground floor, 100 metres from the river and the shops –scarce as!

2 1 1

“As we said. – Position. Position. Position!”

$628,500