Murwillumbah is a 'hot spot'
MURWILLUMBAH has been nominated as a 2009 real estate hot spot by Property Watch Research.
The town's resurgence has caught many off guard, according to local estate agents.
With a median house price well below other areas of the Tweed Coast, Lance Cotterill of North Estate Agents says investors are recognising the strong value of purchasing land at new estates like Metricon's Riva Vue.
He said investors appeared to be picking up, with locals leading the charge.
“Riva Vue is guaranteed to reap capital returns in the future, with the Tweed region experiencing rapid growth and the project being the closest new subdivision to the thriving Murwillumbah CBD,” Mr Cotterill, who is the marketing agent for Riva Vue said.
Mr Cotterill said Murwillumbah has traditionally been a “sleeper town”, but as tree changers seek to own a slice of their own serenity just half an hour from the Tweed Coast, the area is undergoing a transformation set to generate strong capital growth.
“As is the case with most emerging hot spots, Murwillumbah is one of the best-kept secrets in northern NSW and offers some of the most affordable house and land packages on the market,” he said.
Stage One plans for the $24 million Riva Vue development were recently approved by Tweed Shire Council and purchasers are expecting to start building in coming weeks. Project Manager Dale Scotcher expects a new run of sales at stage two now that council has approved the release of stage one.
“All of the hard work is paying off, and for owners to start building is a sign that the residential market in sought-after locations is as robust as ever,” Mr Scotcher said.
“The reaction we have seen in the local market has been fantastic, and the obvious drawcard is that buyers can purchase a brand new house and land package in Riva Vue for the price of an existing older home in the area,” said Mr Scotcher.
Both stage one and two are still selling, with blocks ranging in size from 653 to 1555 square metres. Prices start from $180,000 for land only and $345,000 for house and land.
Marketers for Riva Vue say the development was carefully designed to not impede on the rural landscape of the Tweed Caldera.