The Weekly Real Estate from Coast to Country, Feb 29, 2024

Real Estate Estate

FROM COAST TO COUNTRY

Tweed home values, rents still rising

By Jo Kennett

ACCORDING TO the latest report from CoreLogic, dwelling values are now rising faster in regional markets than in the capitals, with values up 1.2 per cent and 1 per cent respectively, over the three months to January.

The Gold Coast and Tweed Heads area had the worst rental affordability in the country, with rents and home values still rising, days on market still short, and vendor discounting also decreasing over the last year, indicating the market is still pretty hot.

“Although the pace of quarterly value growth across the combined regions has eased from 1.6 per cent in November 2023, the combined capitals has seen a sharper deceleration, from a recent peak of 3.9 per cent over the three months to July 2023,” the Regional Market Update for February 2024 states.

“Growth remains relatively varied across Australia’s largest 50 noncapital city significant urban areas (SUAs).”

Gold Coast and Tweed Heads are included in the report as one SUA.

“While capital city sales activity over the 12 months to November

2023 largely normalised, regional markets continued to see weaker sales counts, with 42 of the 50 largest regional SUAs recording a decline in annual sales compared to the previous year,” the report states.

“Lismore recorded the largest increase in sales, up 73.4 per cent compared to the previous year, when the recovery from the February 2022 flood affected sales, while Ballina saw sale counts rise by 14.4 per cent.

“The CoreLogic regional rental index recorded a 2.3 per cent increase over the three months to January, up from a recent low of 0.4 per cent over the September quarter of 2023.”

Open Homes

Saturday, March 2

JET

• 51 Hall Drive, Murwillumbah 9:30-10:00

• 8 M cPherson Court, Murwillumbah 10:30-11:00

DJ Stringer Property Services

• 4/3 Island Drive Tweed Heads 10-10.30 NSW

• 5/42 Boundary St, Tweed Heads 10-10:30 NSW

• 6/24 Dutton St, Coolangatta 10-10:30 QLD

• 2/144 Kennedy Drive, Tweed Heads 11-11:30 NSW

• 2 Bolwarra Pl, Bilambil Heights 11-11:30 NSW

• U2111 Tweed Ultima, Stuart St, Tweed Heads

The Gold Coast and Tweed Heads were the worst performers on rental affordability, with the least affordable rentals in the country at a median of $805 per week.

That’s up 3.1 per cent over the quarter, 6.7 per cent over the year and 50.6 per cent over the last five years.

Gross rental yield was 4.4 per cent compared to 4.6 per cent a year ago.

The median value of homes in the Gold Coast Tweed Heads region is $928,498, an increase of 2 per cent over the quarter, 11.3 per cent annually and a whopping 68.6 over the past five years.

Vendor discounting was down to 3.8 per cent compared to 4.3 per cent discounting a year ago, meaning sellers had enough interest to hold out for a good price.

Properties were 26 days on the market before sale on average, compared to 25 this time last year, which indicates there is still plenty of competition for sales.

There were 17,696 properties sold across the Gold Coast Tweed Heads SUA over the past year, which was 11.9 per cent lower than one year ago, and 10.2 per cent below the five year average for the region.

11:00 - 11:30am NSW Time

• 202/108 Pacific Pde, Bilinga 11-11:30 QLD

• 143 Tweed Valley Way, Murwillumbah 1:15-1:45 NSW

• 35 Tweed Valley Way, Murwillumbah 2-2:30pm NSW

MANA

• 3 Kallaroo Circuit, Ocean Shores 9-9.30

• 11 Dignan Street, Burringbar 9.30-10

• 2/1 Durroon Court, Ocean Shores 9.30-10

• 2/5 Canowindra Court, South Golden Beach 10-10.30

• 1/9 Boondoon Crescent, Ocean Shores 10.30-11

• 24 Gloria Street, South Golden Beach 11-11.30

• 14 Spring Street, Murwillumbah 11-11.30

• 2431 Coolamon Scenic Dr, Ocean Shores 11.30-12.30

• 119 Commercial Road, Murwillumbah 12-12.30

• 241 Middle Pocket Road, Middle Pocket 12-12.30

Hot property

THIS

hot property is a character-filled Banora Point home with incredible views over the river and out to the ocean.

Number 29 Bimbadeen Avenue is a three-bedroom, two-bathroom house with two parking spaces that sits on a big 746 square metre block.

The two-storey home is on the high side of the street and is filled with timber features including pitched ceilings lined with timber beams. There are large windows in the living area with stunning views and the master suite upstairs has sweeping views of the water.

The property has a landscaped rear yard for easy access to the elevated entertaining deck. It’s the perfect place to entertain and to enjoy the panoramic views.

The property also has a large driveway and a large car parking area to accommodate multiple vehicles.

This unique property has plenty of space, privacy and stunning water views and is on the market with Tate Brownlee Real Estate Banora Point.

It can be inspected this Saturday, March 2, from 9am to 9.30am, Monday, March 4, from 5pm to 5.30pm or Saturday, March 9, from 9am to 9.30am.

An auction for the property will be held on Tuesday, March 12 at 6.30 pm. Contact Tate Brownlee for details.

Tate Brownlee

• 12 Amaroo Drive, Banora Point 9-9.30 NSW

• 29 Bimbadeen Avenue, Banora Point 9-9.30 NSW

• 27 Hibiscus Parade, Banora Point 10-10.30 NSW

• 38 Curtawilla Street, Banora Point 10-10.30 NSW

• X 10 Bushranger Road, Terranora 11-11.30 NSW

• 8/185 Kennedy Dr, Tweed Heads West 11-11.30 NSW

• 8/11-13 Kingscliff St, Kingscliff 12-12.30 NSW

• 3 Paperbark Court, Banora Point12-12.30 NSW

• 11/39-45 Tweed Coast Rd, Bogangar12-12.30 NSW

• 19 Birkdale Court, Banora Point 1-1.30 NSW

• 13/3-19 Amaroo Drive, Banora Point 1-1.30 NSW

• 81 Jacaranda Ave, Tweed Heads West 2-2.30 NSW

• 1/53 Charles St, Tweed Heads 2-2.30 NSW

• 34/22 Binya Avenue, Tweed Heads 3-3.30 NSW

Unit 5, 4 Mugga Way, Tweed Heads, sits just below the area's median home value

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