$2.3m - That?s how much this house on the beach at Cabarita sold for, but it is only the tip of the iceberg
By PETER CATON
THE Tweed Coast has become one of Australia's most sought-after places to live - and the figures prove it.
A beachfront house in Cypress Crescent at Cabarita Beach, bought for just $110,000 in 1985, has sold for a record $2.3 million.
And according to a study by a major real estate group a $5.7 billion development wave is transforming the Tweed Coast into one of Australia's most sought-after beachside communities.
Yesterday the Cabarita Beach resident confirmed the sale of his home on a 607square metre block but declined to comment further after new real estate data revealed it was bought by a Brisbane-based company.
But Pottsville Professionals agent Roger McLeod said the new record was about to be eclipsed with the sale of a beachfront Pottsville home expected to fetch between $2.5 million and $3 million.
According to PRDnationwide Research, the 30km-long Tweed Coast is riding an unprecedented property boom, buoyed by strong population growth, a burgeoning tourism industry and big infrastructure improvements.
The company has mapped all major private sector development projects in the area, identifying a total of 37 projects planned and under construction.
?Its $5.7 billion estimate of the value of the projects is conservative including only those worth more than $5 million.
Ten of the developments are valued at more than $100 million, with the biggest single project being Leda Developments' $1.25 billion Cobaki Lakes subdivision at Cobaki.
Others include the $650 million Casuarina Beach and $750 million Salt townships and Multiplex Developments' $350 million residential resort precinct at Casuarina.
PRDnationwide joint managing director Gordon Douglas said the surge in activity was largely driven by the seachange phenomenon.
"The villages of Kingscliff, Cabarita and Pottsville have experienced a rush of sales in recent times, influenced greatly by the completion of the Brisbane-Gold Coast Motorway and the $400 million Yelgun to Chinderah Freeway," he said. Tweed Shire's current population of 76,000 is forecast to grow to 114,000 residents by 2021.