$1 million land sale
ANYONE wanting to live by the beach at Casuarina had better be real quick ... and have at least $1.5 million to splash. A vacant beachside block has just been sold for a record $1.033 million and agents say there's only a handful of beachfront land still available, although that could be gone by Christmas. The buyers of the property do not want to be identified, but it is understood they are already living in the Casuarina area and that the property is an investment. The sale capped off a $10 million, two-month rush of property sales by Colliers x PRD, which is expecting to increase its sales this year to $40 million after reaching $30 million last year. Colliers PRD director of property marketing Brinton Keath said property at Casuarina would continue to soar as the last remaining blocks were sold off. The agents have just two single beachfront blocks left, which they believe will sell for around $1.5m to $2.5m, and three double beachfront blocks which will sell for around $4.5m to $4.8m. There are also four blocks to sell which are not beachfront. "The beachfront block we just sold for $1.033 million was originally purchased for $250,000 in 2001, which shows just how strong the current market is," Mr Keath said. Mr Keath said Casuarina Beach, and the new Tweed Coast in general, was cementing its place as one of the most sought-after addresses in northern New South Wales. "With the State Government imposing restrictions on the population of the northern NSW region, which will mean only another 19,100 new dwellings are approved in the Tweed Shire over the next 25 years, demand for existing property is set to increase." Mr Keath said. Meanwhile, down the road at Salt, Tom Ray chief executive officer of the Ray Group, agreed with Mr Keath's assessment saying that property along the Tweed Coast was a real alternative to higher priced land on the Gold Coast. "We're down to the final stage which we call Southbeach Beachside and that has 60 lots, all beachside, and a small number of blocks along the creek," Mr Ray said. "They start at $470,000 with the higher range up to $3 million." Mr Ray said many residents who had purchased land early were now reinvesting in the area after seeing property values rise by up to three times. He said with the Tugun bypass under way and extensions to the Gold Coast airport, many Gold Coast residents were choosing to invest in the Tweed area because it was comparatively cheaper than land on the Gold Coast strip. Mr Ray said Salt beachfront land sells five or six times less than at Nobbys Beach or Mermaid Beach where people were paying between $15m and $20m for blocks the same size.