Tweed's property hot spots revealed
BANORA Point will be a red-hot suburb for growth in the real estate market this year, according to local agents.
Three of the four agents questioned by the Tweed Daily News yesterday suggested low-end properties, including Tweed Heads South, Tweed Heads West and Tweed Heads, would be in high demand as purchasers look to take advantage of the buyers' market.
Christian Petersen, of Professionals Coolangatta/Tweed Heads, said January had been one of the busiest for sales in Banora Point recently.
“I had three inspections and two offers on a three-bedroom, one bath and garage duplex in Banora Point even before it was placed on the market. It sold for $340,000, which is good buying,” Mr Petersen said.
Half of the 22 lots in The Rise subdivision off Jacabina Court, Banora Point, have sold since being released to the market late last year.
Mr Petersen said first-home buyers would be attracted by the packages offered by DJ Gardiner Homes, ranging in price from $380,000.
The agents surveyed expected coastal areas like Kingscliff, Salt, Casuarina, Hastings Point, Cabarita Beach, Fingal Head, and Pottsville, which have been responsible for driving up property values over the past few years, to hold or grow slightly in value.
Barneys Point, nestled on the Tweed River, is also expected to be a boom suburb, with multi-million-dollar developments planned for the area, according to David Stringer, principal of DJ Stringer real estate, who believes 2009 will be the best year for people to get a start or build their interest in the property market.
“Buyers need to get into the market or re-enter the market now before the anticipated price increase in 2010,” Mr Stringer said.
“Since the middle of last year there has been about a five to 10 per cent drop in prices, and most vendors are lowering their expectations in line with market expectations.
“Even if buyers get in and get something affordable now, they can upgrade to something bigger in a few years. There is no point sitting on the sidelines waiting to put your feet in.
“There are capital gains to be made in the next few years if people have the confidence to enter the market now.”
The majority of buyers were hunting for properties between the $350,000 to $500,000 mark, said Mr Stringer and Professionals Banora Point principal Carl Petersen.
“The drop in interest rates at the end of 2008 and the increase to first-home-buyers grants (now $14,000 for established properties and $24,000 for new homes) led to more enquiries over the Christmas period,” Mr Petersen said.
“Once confidence picks up, so will the market, so people need to get in now.”
Paul McMahon, principal of LJ Hooker Kingscliff, said while the heat had come off the $1 million-plus market on the Tweed Coast, he expected the drop in demand would be short-lived.
“One of the real growth areas is Kingscliff hill and the village coastal areas down to Pottsville,” he said. “The attention has shifted from high-end units to houses, and bargains are out there around the $500,000 mark if people do their homework, have the finance available and make the offers.”
Growth areas: Banora Point, Tweed Heads South, Tweed Heads West, Tweed Heads and Barneys Point.
Still popular: Kingscliff, Salt, Casuarina, Cabarita Beach, Hastings Point and Pottsville.