The millionaires are coming

THE $750 million Salt village south of Kingscliff is close to selling out its latest beachfront land release after a $24 million buying plunge by wealthy "sea changers".

Developer the Ray Group has sold 12 of 17 homesites in the second and final tranche of beachfront lots in Salt's southern precinct.

Prices ranged from $1.84 million to more than $2 million per lot.

All 27 beachfront homesites in Salt's northern precinct pre-sold for a combined $25 million prior to Salt's public launch in September, 2002.

Ray Group managing director Brian Ray said the final five beachfront lots were expected to sell "within days".

Prices for the remaining homesites, averaging 650 square metres with frontages up to 23 metres, start at $2 million.

The prices equate to more than $3000 per square metre and are "bargain basement buying", according to Mr Ray.

"Only three years ago, $3000 per square metre was the gold standard for beachfront property on the Gold Coast," he said.

"Today, if you want to buy a proper- ty on Hedges Avenue (at Mermaid Beach), the going rate is more than $10,000 per square metre.

"There is absolutely no reason why the Tweed Coast will not perform equally as well in the future."

Mr Ray said the latest Salt buyers were from the Tweed, Gold Coast, Sydney and Brisbane.

He said Salt's first homes were under construction and the village's first resort hotel, the Outrigger, was on target to open in December.

Property sales at Salt have now passed the $300 million mark, with more than 700 of the total 1008 real estate products - comprising land, house/land packages, resort apartments, residential apartments and villas - sold.

More than 110 homesites are still for sale, ranging in size from 525 square metres to 700 square metres and priced from $435,000 to $565,000.

All 212 resort apartments in the Outrigger have sold for $70 million. Two other resorts at Salt, to be operated by Peppers, have racked up more than $60 million in holiday apartment sales, amounting to about half of the total Peppers inventory.

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