Tweed's real estate boom shows no signs of slowing
COASTAL areas like the Tweed have been experiencing 13% to 20% growth in house prices, according to Domain's latest quarterly regional report.
There were some major market movements in the March quarter and across the calendar year, with Domain's data revealing more Aussies were looking towards regional areas, with some coastal regions recording significant growth.
The median house price in the Tweed reached $565,000 over the March quarter, up 6.6% over the quarter and a significant 13.2% over the year to date.
Domain chief economist Dr Andrew Wilson said Northern NSW regions were consistently recording booming results, and Tweed was no exception.
"The region's remarkable annual growth is a sign that market activity will continue to track upwards,” he said.
David Stringer, principal of Coolangatta's DJ Stringer Property Services, labelled the market the strongest he had seen since opening his doors 16 years ago, but stopped short of endorsing the Domain data.
"I'm not a big fan of generalised figures like these to be honest, because I think each suburb is different - so Tweed south, Tweed west, central Tweed, Greenbank - there's different pockets that would have different median house prices and sometimes those figures can be a little bit rubbery and too generic,” he said.
"However it's fair to say that each area has increased in value at least 10% in the last year.”
He said the best approach buyers looking to enter the market could take was to be prepared with pre-approved finance before they begin bidding on properties.
Another option, he said, was to register interest with agents, because it was often those on databases who got first chance to buy newly listed properties.
Earlier this year, news.com.au reported that house prices in regional city centres in NSW were ranked as some of the least affordable in the world.
According to the 13th Annual Demographia International Housing Affordability Survey, Tweed Heads came in at at eighth least affordable on the list.
This was ahead of Melbourne, which was ranked as the 10th least affordable housing market.