West Tweed on the rise
TWEED Heads West is no longer the poor cousin of the border area property market.
Sales figures released by property analysts PRD Nationwide this month reveal that over the past five years the median sale price of homes and units in Tweed Heads West has increased by 27 per cent, or 5.4 per cent per annum, making it the highest growth market in the border area.
“This area is becoming nicer as it becomes more family orientated,” said Professionals Coolangatta/Tweed director Tony Parsons. “A lot more families have been moving here over the past four to five years because the property is affordable and within their price range for repayments.”
Mr Parson said the three-bedroom, one-bathroom, carport and rumpus brick and tile home ( pictured) in Koala Crescent, is a fine example of the type of home that is selling well in the area.
Listed for $399,000 and selling for just below the asking price, a first-home buyer plans to renovate the brick-and-tile, free-standing home, Mr Parsons said.
“There are very few places any- where on the coast that you can buy a free-standing home for under $400,000, and the prices in the area are up a little on what they have been because there is a great demand from first-home buyers.”
But even though increased demand from first-home buyers has “pushed up the lower-end prices” in areas like Tweed Heads West, buyers in older parts of Tweed Heads and Banora Point were still paying less than what they would have in boom times, according to Professionals Banora Point and Coolangatta/Tweed director, Carl Petersen.
“First-home buyers may be paying a little bit more at the moment than where the market is actually at, but they are still paying less than what they would have when the market started to drop in March last year,” Mr Petersen said.
Banora Point is also an area where property prices are booming thanks to demand from first-home buyers taking advantage of up to $14,000 in State and Federal Government grants for the purchase of an existing home.
According to PRD Nationwide, 93 sales were made in Banora Point from June to December last year, with the median sale price for homes and units being $460,000.
Meanwhile, the overall median house price for properties in the border area, from Coolangatta, west to Bilambil Heights and south to Banora Point have dropped by $14,000 compared with figures for 2007. The number of sales in the border area also decreased in the past six months of 2008 with only 211 settlements, a drop of 19 per cent.