Tweed's bargain homes for the rich
ABSOLUTE beachfront luxury and rural serenity are among the most desired traits in dream homes, and a cool $5 million will currently buy you some of Tweed’s best properties with those attributes.
While that is a lot of money, real estate agents say the high-end property market currently provides some of Tweed’s best bargains. Salt Village, Kingscliff and Fingal Head beach and river front homes are the most expensive on the market right now, along with a large home at Cobaki situated on about 32 acres – each listed between almost $5 million and $4.8 million.
But the most expensive, a Salt Village absolute beachfront luxury home priced at $4.95m, was only two years ago placed on the market for $6.8 million by owner Katie Page – director of Domayne, and wife of Gerry Harvey.
Ray Real Estate director Greg Allan is agent for the 14 North Point Avenue home.
He said there was a very uncertain environment in the market and it was difficult to gauge the true value of property.
Back in 2007, lots at Salt Village sold as high as $3 million, but now similar stock was worth just $1.5 million, he said.
“Bear in mind, we are yet to come out the other side of the current property cycle,” Mr Allan said.
“Those properties which are currently selling are generally priced at a discount to what they would have been a year or to ago, with little room to negotiate.
“Generally the more expensive the property, the greater the discount to its historical high in terms of its market value today.
“No doubt, as we see in every property cycle, in the medium-term, quality residential prices will return.”
Ray White Tweed Heads director Michael Smith said it was a buyer’s market, and many people were holding out for what they thought their property was worth, but “at the moment, the higher priced properties are where people are seeing the most bargains”.
Amanda Patterson, of Ray White Coolangatta, said those wanting to sell their luxury homes wouldn’t accept “ridiculous” prices.
With the Sydney and Melbourne property markets showing positive signs, she expected the Tweed to soon follow suit.