First land available in 20 years at Kingscliff
KINGSCLIFF'S first subdivision in two decades is one step closer, after Consolidated Properties sold out The Pocket subdivision at Casuarina Beach within six weeks.
The development company secured $16million in settlements from the 40-home site at The Pocket.
The next step for the developers is The Dunes, a 49-lot subdivision which was approved by Tweed Shire Council last month.
Larry Collier of Colliers International, who's marketing the properties, said The Dunes would open the door for buyers in the tight Kingscliff property market and address pent-up demand amidst a lack of coastal land supply.
"The sales and valuation increases achieved at The Pocket are a reflection of the strong growth in buyer appetite for coastal land on the Tweed Coast over the past 12 months, but unlike four or five years ago, there is simply not enough stock available to meet demand," Mr Collier said.
He said The Dunes would come onto the market within weeks.
"I'm confident of another quick sellout because I already have a long list of people who have registered their interest," he said.
He said they expected homesites at The Dunes, located off Pearl St, to be available from $330,000.
"(That) represents excellent value when you consider the location and all the market fundamentals at play - including low interest rates available in a market primed for growth," he said.
Consolidated Properties managing director of residential, Lachlan Grantley, said The Pocket would be the company's last land subdivision at Casuarina Beach, ending a 15-year development program there.
"We carefully considered the type of new product we wanted to introduce at Casuarina Beach and Kingscliff, and we were guided as always by market trends, which show young professionals, families and empty nesters are all active buyers of beachside property," Mr Grantley said.
He said The Dunes would be geared towards "Tweed and southern Gold Coast locals who have been waiting for years for the opportunity to buy land near the beach".
"With land priced in the low $300,000 bracket, it's feasible for purchasers to own a brand new, contemporary, architect-designed home for around $600,000 - which is on par with many of the established homes on the market in Kingscliff and surrounding areas," Mr Grantley said.