Property market 'stable'
THE rush of first-home buyers looking for a bargain on the Tweed will not stop, just slow down if government grants of up to $24,000 ends next month, a local agent says.
Mark Humphries, principal of Raine and Horne Tweed Heads/Coolangatta said properties priced under $500,000 were being snapped up by first-home buyers and have helped to keep the Tweed property market buoyant.
“The statistics by Australian Property Monitors indicate that in the short-term, prices have dropped 15 per cent, but the long-term outlook has shown a steady 12 per cent increase in median house prices across the region,” Mr Humphries said.
“While the rush of first-home buyers is creating a mini boom in places like Sydney and is forcing up the prices of lower-end properties, on the Tweed the demand from first-home buyers has kept prices for these properties stable.
“This has resulted in properties under $500,000 selling within 30 days of being on the market, rather than 60 days which was the normal trend.”
Mr Humphries predicted low interest rates and the large number of buyers with pre-approved credit would see first-home buyers continue to buy into the Tweed property market, even if the State and Federal government grants of $24,000 to build a new home and $14,000 to purchase an existing property are not extended after the June 30 cut-off.
“The property market has entered a downturn in the cycle, and once the market starts to swing up again prices will rise.
“By purchasing now, buyers have the opportunity to make a huge capital growth from their investment.”
Justin Budd from Condong is the youngest person to secure a house-and-land package at the Riva Vue estate in Murwillumbah.
He is buying a new three- bedroom home for less than purchasing an existing property in the area, with prices starting from $345,000, according to Lance Cotterill from Raine and Horne Tweed Heads/Coolangatta, who is also agent for Seabreeze estate in Pottsville.
“People are attracted to these developments, as they offer a modern development, located nearby infrastructure in an idyllic location at an affordable price.”