Buyers get taste for Murwillumbah
Mr Cotterill is seeing the interest first-hand as he markets Metricon’s $23 million Riva Vue estate, which has just experienced a record month of sales.
In only four weeks, six blocks worth $1.23 million have been sold.
Despite the First Home Owner Boost reduction at the end of September, Mr Cotterill said first-home buyers, along with investors, were behind the record month.
“The booming first-home buyers market did slow down a little once the boost for the first-home owners grant scheme reached completion at the end of September. Since then the market has surged with strong sales from this market,” the North Estate Agents principal said.
“They are in there still buying. Some couldn’t get their act together in time, but there is still grant money there.”
The investor market had picked up in a big way, Mr Cotterill said.
“Local investors also seem to be majority buyers at the moment, recognising the strong value of purchasing a block of land and enjoying instant equity through building a new property.”
He said the Riva Vue development was the perfect opportunity to reap capital returns in the future, being the closest new subdivision to Murwillumbah CBD and with the Tweed region experiencing rapid growth.
Metricon project manager Dale Scotcher, said Riva Vue titles for stage one and two were about to be registered, enabling buyers to settle and build their homes straight away.
Construction of the development’s first house is scheduled for the new year and it is expected that up to 35 houses and duplexes will be under construction at the one time.
According to Mr Cotterill some buyers were saving up to $30,000 by buying house-and-land packages at Riva Vue, which were going for the same price as existing older homes in the area.
He said it was an obvious capital gains opportunity.
“It’s an obvious choice really. Brand new home, new location, with everything at one’s fingertips. We see good growth potential in Murwillumbah, and affordability is what it’s all about right now,” he said.
Mr Scotcher said Metricon had been working with Habitat Environment Management and thousands of rare and endangered flora species had been planted at the estate.