Tweed Unit Boom
By ED SOUTHORN
THE Tweed and southern Gold Coast are awash in new accommodation units. And there is no sign of an over-supply. Latest research data on high rise, medium rise and low rise unit developments from Colliers PRD for the first three months of this year for the Gold Coast and the Tweed shows the Tweed property boom still has not run out of steam. More than two thirds of 1441 apartments either newly built, under construction or planned between Bilinga and Cabarita are already sold, with strong demand from owner-occupiers. Almost 1000 units have been sold on the Tweed and southern Gold Coast since the Tweed building blitz began about five years ago. Of the 450 apartments available for sale on the Tweed and southern Gold Coast for the March quarter, 380 were on the Tweed Coast, according to Colliers PRD. The real estate firm's research suggests current and planned unit supply is probably enough to meet demand for the next two years. The Tweed's biggest unit development the Ultima project on the corner of Wharf and Bay streets, the cornerstone of the Tweed Heads CBD rejuvenation had sold 90 of its 235 units with an average sale price of $550,000 per unit. The nearby Harbour Tower opposite the Twin Towns Services Club had sold 163 of its 197 units at an average price of $457,000 per unit. In Coolangatta, the two Reflections towers on Marine Parade had only five apartments left for sale out of a total of 205 with an average sale price of $930,000. On the Tweed Coast, the largest unit project, Salt at Peppers at south Kingscliff, had sold 153 units out of a total of 164, at an average sale price of $515,000, with just 11 left for sale. Leading Tweed estate agent Lance Cotterill said the local property market overall had been "pretty strong" for the past six to eight months. He said the demand for units "surprises me, there a lot of them, but they are certainly selling". Mr Cotterill also said there was renewed interest in Tweed property due to water shortages elsewhere. Kingscliff Residents and Ratepayers Association chief Pete Gladwin said: "It's a matter of trying to fit in the people who want to live here, without taking too much away from the community amenity. "We need to get the balance right between units and houses and units can take away from the community feel." Mr Gladwin said at the moment the mix of units in Kingscliff was "probably about right". He said it was important to remain vigilant about the rate of property development, although he expects growth strategies and planning constraints in state and local legislation will effectively result in a population cap for the Tweed. "You can't put a moat around the place and keep people out, but over time planning laws will create a cap, rather than an artificial number," Mr Gladwin said. APARTMENTS ON THE TWEED Market wrap, March quarter. HIGH RISE, 9 storeys or more. Harbour Tower, Tweed Heads; completed; 197 units; 163 sold; average sale price $457,000; developer, Baulderstone Hornibrook. Kirra Surf, Kirra; under construction; 91 units; 73 sold; average sale price $1.05 million; Urban Pacific, Macquarie. Reflections 1, Coolangatta; completed; 81 units; 80 sold; average sale price $963,000; Niecon. Reflections 2, Coolangatta; under construction; 124 units; 120 sold; average sale price $900,000; Niecon. Ultima, Tweed Heads; under construction; 235 units; 90 sold; average sale price $550,000; Zinkohl P/L. MEDIUM RISE, 4-8 storeys. Nirvana by the Sea, Kirra; planned; 53 units; 8 sold; average sale price $1.2 million; Niecon. Nielsen on the Park, Tweed Heads; completed; 6 units; 3 sold; average sale price $1.5 million; Graham Nicholls. LOW RISE, up to 3 storeys. Aqua Luna, Kingscliff; completed; 6 units; 6 sold; average sale price $1.3 million; Phil Lammey. Bayswater, Tugun; completed; 18 units; 15 sold; average sale price $543,000; McNab Constructions. Breezeway, Kingscliff; completed; 6 units; 2 sold; average sale price $641,000; Zephyr Developments. Cotton Beach, Casuarina; under construction; 129 units; 58 sold; average sale price $806,000; Multiplex. Drift 1, Casuarina; completed; 46 units; 44 sold; average sale price $730,000; APH Property Developments. Drift 2, Casuarina; completed; 45 units; 15 sold; average sale price $686,000; APH. On Reflection, Kingscliff; under construction; 6 units; 3 sold; average sale price $515,000; Private Developer. Salt Beach Houses, Kingscliff; completed; 41 units; 31 sold; average sale price $1.1 million; Ray Group. Salt Peppers, Kingscliff; completed; 164 units; 153 sold; average sale price $515,000; Ray Group. Santai, Casuarina; under construction; 114 units; 62 sold; average sale price $357,000; Pacific Projects Group. Sea, Kingscliff; planned; 4 units; 1 sold; average sale price $1.5 million; Pacific Projects. Serenity, Kingscliff; completed; 12 units; 8 sold; average sale price $584,000; Usher Powell. The Beach, Cabarita; completed; 57 units; 54 sold; average sale price $906,000; Pacific Projects. Zen, Kingscliff; under construction; 6 units; 2 sold; average sale price $3.9 million; Usher Powell.