Buyers back in Tweed market
BUYERS have begun diving into the Tweed property market again, convinced that prices may be about to head back up and sparking a surprise $4 million run on Casuarina Beach land and property sales in just one month.
More than $4 million worth of property was sold in the Tweed Coast township during July, with estate agents saying buyers were lured by a sense that prices are about to turn, and by the area's relaxed lifestyle.
Pottsville has also emerged as a property hotspot, with agents revealing they have been kept busy during the normally quiet months of the year.
Interest has been spurred by a southward migration of Gold Coast home owners reducing their mortgages and mum-and-dad investors seeking better than bank-interest returns on investment in an affordable market.
The Casuarina Beach sales run was achieved by marketing agent Colliers International. Sales included a beachfront home, four vacant home sites, three apartments and a villa.
Colliers sales manager Graham Jones said in the current economic climate buyers were searching for well-located but affordable property with good potential for future capital growth.
Inquiries had increased significantly in the past few weeks as buyers felt the market was at or nearing bottom, he said.
“Many of the sales and inquiries are from Gold Coast and Tweed residents, who are realising the value on offer here on the Tweed Coast.
“They can secure a well-located property for a fraction of the price being paid on the Gold Coast,” Mr Jones said.
“However, Casuarina Beach also continues to attract interest from right around Australia, with two Melbourne buyers and a purchaser from Lord Howe Island among those to snap up a property during the latest sales run.
“These buyers searched up and down the east coast for a new property, and not only saw the value on offer at Casuarina Beach but the great lifestyle and community atmosphere available to those who do call this area home.
“Each is intending to make the move to the Tweed Coast, with two to build their own dream home and the other buying a completed beachside property.”
The proposed Casuarina town centre, which would include a Coles supermarket, new restaurants and apartments, was in the final stages of approval with the New South Wales Department of Planning, despite recent moves by Tweed shire councillors to block it, Mr Jones said.
Suburbs in the southern and western Gold Coast and Tweed, where property values are much lower than more central regions of the Gold Coast, are listed in his company's top Gold Coast suburbs report, he said.
Pottsville stood out as an area that was attracting young buyers, with a median house price in the high-$400,000s.
Pottsville was also popular because of its beachside position.
The boom in interest in Pottsville property was confirmed yesterday by Pottsville Professionals estate agent Roger McLeod, who said whereas July and August were normally the two quietest months of the year, this year it was quite busy.
Mum and dad investors had returned to the property market to get better-than-bank interest and Pottsville prices suited their budget, Mr McLeod said.
“Then you've got the migration of people out of the Gold Coast, getting rid of high mortgages,” he added. “They are only 20 minutes down the road.”