Future home owners set sights on Tweed's property market
DEMAND for property in the Tweed has jumped with new figures revealing more potential buyers are searching in those areas.
The latest realestate.com. au Property Outlook revealed that the Tweed region was the most in demand local government area for property in northern New South Wales.
There was a substantial 24.7 per cent lift in potential buyers viewing property listings in the Tweed on realestate.com.au in the past quarter compared with the same time last year.
This compared to an increase of just 5.9 per cent within Brisbane and a drop of 22.5 per cent in Sydney.
Also performing strongly within the region was Lismore where demand increased by 20.6 per cent. Coffs Harbour had a slight decline with demand down 0.7 per cent.
REA Group chief economist Nerida Conisbee said there had been renewed interest in lifestyle and tourism locations with buyers.
She said the economy in these areas had also benefited from demand from cashed up Chinese holiday makers.
While things were slowing down in the southern powerhouse markets of Sydney and Melbourne, regional areas were starting to surge.
The data was collated using information gathered from more than 80 million searches in the buy section of realestate.com.au in the past quarter, analysing all levels of demand, buying and renting.
Ms Conisbee predicts values would continue to moderate in Melbourne and Sydney in the next six months, but other markets would hold up well.
"In regional NSW, demand conditions are mostly mixed with Orange and the Richmond Valley seeing big jumps in the number of people looking to buy.
"Wollongong and Shellharbour, where market conditions are more closely linked to Sydney, have now seen declines in demand of about 40 per cent,'' she said.