Rainbow Bay Realty principal Lenny McLennan.
Rainbow Bay Realty principal Lenny McLennan. Scott Powick

Tweed property market favours buyers

TWEED'S property market could be facing a significant boost, according to a recent report from PRD Nationwide.

The report found that a softening Australian dollar, improved buyer confidence and vendor expectations falling in line with valuations have led to a resurgence in the property market.

The resurgence is expected to attract interest on local, national and international levels.

It's understood an increased competition for limited stock has begun to drive prices upwards in some areas - mostly with detached dwellings.

The report said Tweed unit prices - and the number of units sold - decreased 4.2% and 0.6% respectively in the six months to August 2013.

PRDnationwide analyst Jake Beazley said despite a median 2.2% annual increase in unit prices over the last 10 years, this apparent drop is the result of an influx of over 55s into the market.

"Many people are downsizing, so that needs to be met in the market," Mr Beazley said.

Mr Beazley said an increased for more affordable housing has pulled the average unit price down.

He said units not designed to be more affordable would likely maintain their value.

"In Tweed there's been stability in both price and sales volume," Mr Beazley said.

"Investors should be cautiously optimistic."

Lenny McLennan of Rainbow Bay Realty said the Tweed market was looking strong,

'With the way the markets powering on; and the amount of stock," he said.

"There's a lot of big subdivisions like Cobaki Lakes and Kings Forest."

Mr McLennan said whether you're a first-time home buyer or a potential investor, it's a good time to consider buying in the Tweed.

"I'd be jumping in pretty quick," Mr McLennan said.



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