Grant drives estate sales
TWEED'S near bullet-proof real estate market continues to surge with a housing estate in the coastal community of Pottsville recording $4 million in sales over the past three months.
Developer Metricon reports it has all but sold out the latest stage in its $200 million Seabreeze estate, with only three of the total 16 blocks remaining.
According to Seabreeze project manager Dale Scotcher, the 12-week sales rush has been largely driven by the Rudd Government's pumped up grant for first-home owner's.
Despite the First Home Owner's Boost having been halved last week, with those buying an existing home to receive $10,500 and $14,000 for a new home, Mr Scotcher says he expects a similar rush on the new Stage 14A of the project.
“Buyers realise the potential to build equity in their homes in a beachside suburb that is experiencing strong capital growth,” Mr Scotcher said.
“We expect to see a lot of interest generated in the remaining blocks as people continue to look for value for money in the current market.”
Lance Cotterill, a director of North Estate Agents, the exclusive agency for the Seabreeze project, said he expected the first-home buyer market to slow once the grant expired and interest rates shifted.
However, he said this would open the market up for traditional investors to return.
“The first-home buyer initiative has boosted an otherwise staid property sector and we will see some of that demand abate, but it will also open the gates as investors start to flock to affordable product in sought after coastal locations,” he said.
“One thing about the Tweed market is its resilience to cyclical factors and the appeal of community living in coastal developments in the region.
“We expect a full property recovery within the next two years, so investors are aware that the window of opportunity to secure valuable property is wide open.”