Developers need land
A TWEED Heads real estate has called for more developable land to be released for sale in the area after the near sell-out of a Banora Point residential estate.
Only four blocks remain for sale at the $30 million Point Vue estate, with 92 blocks with a starting price of $220,000 selling in less than four years.
This news, together with the sell out of the $100 million Flame Tree Park development, also in Banora Point, has led Lance Cotterill from Raine and Horne Tweed Heads/Coolangatta to make the appeal for more land for affordable residential development.
“We require more quality land developments in prime areas across the Tweed that caters for the mid-range property market,” said Mr Cotterill.
“We need to meet the demand for the family market and our ever-growing population.”
Research from property analysts RP Data shows the population of Banora Point has grown by 1140 residents from 2001 to 2006, with 11,249 people living in the area three years ago.
According to the figures, in that time the number of people who owned their own home in the area rose by four per cent to 75 per cent in 2006.
Mr Cotterill said with the median sale price for homes in the area being $550,000 as well as the fact that Point Vue has sold 92 blocks since its release in 2005 it shows the heat is still on the Tweed Heads suburban market.
But it is not only new residents who are being lured by the coastal appeal, water views of Terranora Lakes and close proximity to infrastructure like schools, shops and the Pacific Highway that is enjoyed by Point Vue, Mr Cotterill said.
“The appeal of coastal living is still more popular than ever,” he said.
“With land supply low in the Tweed region, astute buyers have been drawn to the value for money that Point Vue offers.
“The development has remained in high demand from the local buyers market, with some purchasers looking to upsize their current home in the adjoining Flame Tree Park Estate.”
Real Estate Institute of Australia representative Carl Peterson, from Banora Point Professionals, agreed supply outstripped demand for property under $550,000 in the Tweed Heads area.
“But the reality is with land selling for around $200,000-plus in the area, as well as a minimal cost to build a home starting at around $200,000; house and land packages offer the most affordable option for home buyers.”
Remaining Point Vue blocks range in size from 722 to 1193 square metres with prices starting from $220,000.