On a plateau in Kingscliff
By ED SOUTHORN
HOUSE prices in Kingscliff have "plateaued", with many vendors now forced to accept sale prices around 10 per cent less than what they were expecting, according to leading local estate agent Des Ireland.
Mr Ireland yesterday said the most expensive Kingscliff properties, especially beachside homes, were continuing to attract top dollar, in line with the latest Tweed Coast record-setting $2.9 million house sale in Pottsville.
But Kingscliff homes in the $500,000 to $600,000 mid-range price category were not selling as fast as they were 12 months ago.
"People were waiting in line to buy, now if you lose a buyer you may have to wait to find another," Mr Ireland said.
"But the market is still strong for top-end properties in really good locations."
Mr Ireland, the Professionals Kingscliff principal, said local real estate prices overall peaked in January this year and since then prices had plateaued but not fallen.
He said a market plateau simply meant prices had stopped rising.
Mr Ireland said land for sale at the Salt and Casuarina subdivisions had eased demand pressures in the Kingscliff property market.
He said sellers now often had to accept amounts aound 10 per cent less than expectations, because their initial asking prices were based on the boom market.
Another Tweed estate agent, Lance Cotterill, reckons his own beachfront mansion at Cabarita, close to the old hotel site being redeveloped for resort accommodation, is now worth $6 million - but it's no longer for sale.
Mr Cotterill said he had realised he could not find a better property and had knocked back a $5 million offer for his hilltop home.
He said turnover at his Raine and Horne Tweed Heads/Coolangatta agency had been down about 40 per cent on last year - until this month, with sales activity now about the same as last November.
Mr Cotterill said he expected Tweed Coast beachfront property prices to continue rising, with strong interest remaining from interstate buyers.
Mr Ireland expects the market plateau to remain for about another 12 months, with strong activity forecast for the summer holidays.