Property prices escalating
By ED SOUTHORN
PROPERTY gains on the Tweed over the past five years have challenged the record sharemarket boom. Big winners have been property owners on the Tweed Coast, where house prices are almost $40,000 dearer than in Tweed Heads, Banora Point, Bilambil, Terranora, Coolangatta and Kirra. And home units on the Tweed Coast are about $70,000 more expensive. Price gains have been across the board, with both Tweed Heads and Tweed Coast property owners making substantial gains. A comparison of house and unit median prices shows house prices on the Tweed Coast have increased by 16.9 per cent a year over the past five years, while house prices in Tweed Heads and surrounding suburbs have jumped 17.6 per cent per year for the same period. Unit prices on the Tweed Coast have risen by 20.9 per cent and in Tweed Heads and surrounds by 15.3 per cent for each of the past five years. The figures, compiled by PRD Nationwide, cover the period until June 2006, so subsequent price gains for the financial year just gone mean Tweed property owners are now even better off than these figures suggest. The Tweed's most exclusive suburb was Fingal, with a median house price of $895,000 in June 2006, followed by Casuarina ($592,000) and Kingscliff ($584,000). The median house price in Tweed Heads and surrounds was $392,500. Although this is lower than the Tweed Coast median, it is $218,000 higher than five years previously. Tweed Heads South recorded the highest house-price growth in the Tweed Heads district (excluding the Tweed Coast) of 20.1 per cent per annum for the past five years. The median unit price on the Tweed Coast in June 2006 was $373,500. PRD's Jason Abbott said the Tweed's climate, relaxed atmosphere, secure living environment, tourist attractions and amenities for residents were the driving forces behind the boom. "Families, surfers and travellers are pouring into this area," Mr Abbott said. "There are a number of new residential and holiday developments, and interstate investors are still looking to secure ties here."