MURWILLUMBAH is the latest Tweed property hot spot for housing according to research by the major real estate group PRDnationwide and analyst RPdata.
And with median house prices currently at $370,000, well below the Tweed region average, they predict homebuyers will continue to focus on the town
The two groups say that makes Murwillumbah the most affordable option in the area and therefore likely to experience dramatic growth in the wake of the release of several new housing estates.
They include Metricon's $23 million Riva Vue development with house and land packages starting from $345,000, well below the current median house price in Murwillumbah.
Marketing agent Lance Cotterill said purchasers at Riva Vue could buy a block of land from $165,000, including a developer rebate from Met- ricon of $15,000.
“The big drawcard is that buyers can now snap up a brand new house-and-land package for the price of an existing older home in the area,” said Mr Cotterill.
Mr Cotterill said buyers were taking advantage of the great value on offer at Riva Vue, with eight blocks of land snapped up by astute invest- ors in just two weeks.
“We have experienced a rush of buyers to the Riva Vue estate in the past few weeks, especially from the first-home buyers market,” he said.
“As land prices continue to skyrocket in the region, Riva Vue offers purchasers great value for money and a great investment.
“Already to date we have experienced $2.5 million in land sales in the Riva Vue development.
“We don't expect the remaining blocks to be around for long, with the first-home buyers incentive of $21,000 to build a new home coupled with the current developer rebate of $15,000; its an offer not to be missed.”
Riva Vue is currently selling stage one with just 29 blocks of land available ranging in size from 653 to 1098 square metres.
Riva Vue project manager Shaun Nicholson said the development is ahead of sched- ule, with civil construction now complete for the first stage.
He said the final estate would include pedestrian walkways, cycle ways and open park spaces for future residents.”