Tweed house prices slump



AVERAGE Tweed Heads house prices have fallen by almost $40,000 in the six months to December, according to latest industry estimates.

Homes in Tweed Heads fetched an average price of $392,837 during the six-month period, compared with $430,042 during previous six months.

The value of Terranora houses also fell from an average of $448,091 to $386,450 during the year but properties at Banora Point and Bilambil showed gains.

Banora Point houses increased in value from $375,257 to $397,522 while Bilambil houses went from $351,713 to $383,184.

But the scattered gains may be a thing of the past, according to the Northern Rivers chairman of the Real Estate Institute of NSW, Carl Peterson.

He said during the past three months prices appear to have fallen away in most areas south of the border, although prices seemed to be holding up on the southern end of the Gold Coast.

"We have fewer properties on the market compared to last year but the number of people looking to buy have also dropped away," he said.

"We will get a far better picture when the figures for the March quarter are released in a few weeks, but I would say there has been a definite falling away in recent months."

Figures released this week by the institute's Queensland counterpart, the REIQ, confirmed that the market in south-east Queensland had slowed significantly early this year.

Gold Coast house prices fell 8.5 per cent in the 12 months to March compared with the previous 12 months, down from an average of $374,000 to $345,000.

Meanwhile, the institute has joined other leading property industry groups in a campaign to abolish the NSW government's controversial vendor duty.

They will be running newspaper advertisements next week urging the public to let the government know what they think about the tax.

The advertisements highlight the widespread negative impact vendor duty has had on the state economy, including a loss of jobs, a shortage of rental accommodation and an erosion of retirement savings.

The property groups recently met with NSW Treasurer Andrew Refshauge to ask that the tax - introduced last year - be removed in the May Budget, but came away with little hope for change.



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