Property sales on the move
THE Tweed Coast and border property market is moving again after a slow down in sales over winter.
Local real estate agents have reported an increase in genuine enquiries and sales for the area, but have warned sellers that crazy boom-time prices are over.
That is, unless they live by the beach.
A recent report by Herriots Certified Practising Valuers has found the property slowdown has not been felt beside the ocean, where properties are actually experiencing price growth.
Herriots' partner Robert Sayers said the beachside price increase was due to supply and demand factors.
"With beachfront stuff there is a greater number of people wanting what is very limited - more people choosing less land, which drives the price up," he said.
Mr Sayers claimed the Tweed had felt a property slowdown to the point where the volume of sales had dropped and valuations levelled off.
"I liken it to Christmas and how before Christmas everyone is buying madly and after Christmas they do nothing. We are in that post-berserk blue," he said.
"People have been saying it might last until the second quarter of next year, but no-one has a crystal ball."
Tweed Heads Raine and Horne managing director Lance Cotterill said the market had slowed but was picking up again.
He said his agency had done $15 million worth of sales in September.
"The market is kicking again but not in as much of a frenzy as last year," he said.
"People are starting to realise they're not going to wait any longer and are going to buy."
First National Pottsville agent Ben Charlton said the stamp duty on investors selling properties in NSW had turned buyers away from the local market.
"It has had an impact on the market with the number of investors slowing, but the owner occupiers not," he said.
"Traditionally though this area has been made up of a high percentage of people coming here to live on the Tweed Coast."
Cabarita Beach Ray White principal Tony Dunn said the stamp duty had been strongly felt, but it wasn't all doom and gloom.
He said he expected the market to pick up over summer, a traditionally busy time of the year.
"Things have plateaued out, they haven't really gone backwards because the enquiry rate has picked up. Summer months bring more buyers, winter is traditionally quieter," he said.
The Herriots report found units on the Gold Coast had grown in value while homes languished.
"Rampant house prices in the last couple of years has increased the relative price gap between houses and units. This has reinforced to buyers the affordability of units in comparison to houses," Mr Sayers said.