REAL estate agent Jason Abbott says he has never seen houses and units as cheap in the Tweed as he has now. And he sold a $135,000 unit last year.
A report released yesterday from PRDnationwide shows the median house price during last year decreased by $14,000 from the previous year and it has carried on into this year.
The prices of units also took a tumble, with a median price decrease of $20,500, while the five-year growth rate was at 6.7 per cent per annum.
Mr Abbott, from PRDnationwide Coolangatta/Tweed, yesterday said despite the economic doom and gloom there was some salvation for home buyers.
“I've been telling people it's a good time to buy,” Mr Abbott said.
“Prices have come back a lot and interest rates are at their lowest in a long time. I put a house on the market on Thursday and I've already had three offers and people fighting over it.”
While he could not predict an end to the bargain buys, he said the number of sales is beginning to rise again.
“I've been here since 2001 and I can say this is the best time to buy. The market is as low as it's going to get,” Mr Abbot said.
Despite the low prices, the house market did experience a 19 per cent decrease between July and December last year, with only 211 settled transactions.
“I would say sales are starting to bounce back now. People are buying again,” Mr Abbott said.
The report lists the majority of transactions last year occurred in the $400,000 to $550,000 price bracket, which Mr Abbott said the Tweed has an abundance of.
“We're getting people who were not expecting to be in the property game buying,” he said.
“The Tweed is a good place to buy because we have a lot of stock in the right market.”
The report also shows the greatest number of transactions recorded between July and December 2009 was in Banora Point, equating to 93 of total transactions and a median house price of $460,000.
Tweed Heads West retained the highest median price growth over a five-year rate at 5.4 per cent per annum.
The unit market also experi- enced a decline in transactions, although the bulk occurred in property under the $1 million mark; a good sign for the area because units in the luxury market are still in demand.
During the six months ending December 2008, activity in the market decreased by 52.5 per cent, registering only 322 settled sales.
The majority of transactions occurred in the $300,000 to $399,999 price bracket, equating to 37 per cent of total sales.
Suburbs included in the report are Bilinga, Kirra, Coolangatta, Tweed Heads, Tweed Heads West, Tweed Heads South, Banora Point, Terranora, Bilambil Heights, Cobaki and Piggabeen.
- Housing market experienced a 19 per cent decrease between July-December last year with only 211 sales.
- Median house price decreased $14,000 during 2008 from previous year.
- Majority of transactions in the $400,000 to $550,000 price bracket. This is 37 per cent of the total sales.
- Tweed Heads West retained the highest median price growth over five year rate at 5.4 per cent per annum.
- Median unit price decreased by $20,500 to record $344,500 between July and December last year.
- The most affordable unit was in Greenway Drive, Banora Point for $135,000 while the highest sale was in Marine Parade, Coolangatta for $3.5 million.