Tweed land values have skyrocketed

from The Weekly Real Estate from Coast to Country, January 26, 2023

By Jo Kennett

THE NSW Valuer General has just released the latest land values, with the Tweed Shire experiencing big increases between July 2021 and July 2022.

The land value is the value of the land only and doesn’t include the value of a home or other structures. Property sales are the most important factor valuers consider when determining land values.

Land values are one factor used by councils to calculate rates.

The increase in values in the Tweed Shire was consistent across residential, commercial, industrial and rural property, with demand from buyers relocating from cities to the area and working remotely, as well as tree and sea changers and retirees.

Market drivers include relative affordability, additional supply from increased building to accommodate population growth, and the Pacific Highway upgrade and access to interstate and international destinations from the nearby Gold Coast international airport.

Residential overview

A very strong increase in residential land values between July 2021 and July 2022 was consistent across all markets and was led by coastal locations including Casuarina, Cabarita Beach and Kingscliff, offering coastal proximity and relative affordability compared to major centres and Byron Bay.

The highest jump over the year from July 1, 2021 to July 1, 2022 was at Kamala Crescent, Casuarina, which has R1 zoning (multi-dwelling housing, residential flat buildings) with a 5,394-square-metre lot doubling in value from $3,160,000 to $6,320,000.

Cunningham Valuers and Property Advisers owner Tim Cunningham said a suburb’s new values “will depend on the growth that suburb has seen over the past few years.”

“Beach front/beach side areas have generally seen more growth than say Banora or South Tweed, therefore the new land values are in line with this,” Tim said.

“With Kamala Crescent I think it was coming off a low base

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Land at Marine Parade, Kingscliff, zoned R3 (townhouses and villas but not units) had the next biggest rise in values, with a 850.9-square-metre block increasing 80 per cent from $1,900,000 to $3,420,000.

While still strong, most residential value increases tapered off heading inland.

Rural overview

Tweed Shire experienced a big increase in rural land values with larger rural holdings in both coastal and hinterland locations and productive river flat country leading the trend.

The highest rise recorded was at Tunnel Road, Stokers Siding (74.5 per cent over the financial year to July 2022) with 40 hectare properties jumping from $980,000 to an incredible $1,710,000.

Eviron Road at Duranbah was the next highest with a 70 per cent rise over the year.

Tim Cunningham said he has already seen a number of

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“I would suggest if you own a property in NSW, this year would be a good year to check your new land value to make sure it is not excessively above what the actual value of land is, given we are now seeing a softening in market conditions and value levels,” he said.

“This could help reduce your local rates and any land tax payable.”

He said they have been doing a lot of property settlement/family law valuations.

“I’m not sure if this is a cyclical thing or a result of the increased financial stress that may be caused today by the increase in interest rates and the cost of living,” Tim said.

“Quite a lot of people are opting for a tree change and moving to regional areas like Tenterfield, Stanthorpe, Warwick etc from the Gold Coast, Tweed, Byron and Brisbane where you can buy a lot more for less and live a ‘simpler’ life.”

Tim said many people are getting valuations for refinancing as interest rates rise as they come out of low fixed interest rates, which he says makes financial sense.

“The main trend I am seeing is that properties are now taking longer to sell when compared with interstate migration slowing from peak COVID times.”

To find the land value of your suburb go to valuergeneral.nsw.gov.au

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