The Weekly Real Estate from Coast to Country, December 1, 2022

Real Estate

FROM COAST TO COUNTRY

All about pricing as demand remains

By Jo Kennett

PROPERTY VALUES across the Tweed-Richmond region, which includes Byron Bay, remain in high demand despite some of the biggest price drops in the last quarter — but it’s all about pricing according to local agents.

Dwelling values in the region fell 0.82 per cent year on year, and 6.3 per cent from the peak, but remember prices are still up 51 per cent from before the pandemic, with the median property value at $830,000.

Prices in the Richmond-Tweed fell 11.7 per cent in the last quarter, the strongest decline in the country, which CoreLogic Economist Kaytlin Ezzy said was “unsurprising”.

“Throughout the COVID period, values skyrocketed, rising more than 50 per cent and taking the median house value to more than $1.1 million,” she said.

“However, the impact of this year’s floods, coupled with seven consecutive rate rises, has seen

house values fall in the region by nearly 16 per cent since April.”

Ms Ezzy also cited high inflation and waning consumer confidence contributing to the pace of value declines accelerating across regional Australian property markets.

Tate Brownlee Real Estate principal Tate Brownlee said it was the top end of the market that had slowed, but those owners can afford to hold on to property until rates stabilise.

“We still have strong interest from interstate and people moving up the coast and delays with new builds have accentuated demand,” he said.

“A lot of top end sales have slowed, so properties in the $3 million to $5 million range aren’t selling so you don’t have the volume of higher end properties and rural is the same.

“The higher end of the market isn’t driven by the movement of interest rates.

“I have sold my last five auctions back to back which shows demand is still there.”

Open Homes

Saturday, December 3

First National Real Estate Murwillumbah

82 River Street, Sth Murwillumbah, 9-9:30am

10 Fawcett Street, Tumbulgum, 9-9:30am

11 Bagoo Ave, Murwillumbah, 9-9.30am

9 Mooball St, Murwillumbah, 10-10.30

109 Bonnydoon Rd, Uki, 10-10.30

12 Riverbend Way, Murwillumbah, 10-10:30am

2/14 Somerville Circuit, Murwillumbah, 10-10:30am

5 Kintyre Crescent, Banora Point, 10-10:30am

7 Amethyst Place, Murwillumbah, 10:45-11:15am

105 Commercial Rd, Murwillumbah. 11-11.30am

2043 Kyogle Rd, Terragon, 11-11.30am

141 Glenock Rd, Dum Dum, 11:45am-12:15pm

261 Tunnel Rd, Stokers Siding, 12-12.30pm

4 Ted Brown Cl, Kunghur - 12.15 – 12.45

Tate said people think prices have come down “but really the market finds its feet.”

“Banora had 110 properties on the market in September but it’s already down to 80 so supply is down 20 per cent,” he said.

“Sellers are still getting good prices which shows there is still confidence, but agents are sometimes not adjusting to the right level.

“They are listing too high but the market probably peaked in April/ May after the floods.

“Where the market is being impacted is the first-home buyers who just aren’t there anymore; that’s in the $700,000 to $950,000 range.”

“That was a big group and that has dropped as their buying capacity shifted with interest rate rises.”

JET Real Estate director Jason Dittmar said properties were on the market longer now.

“First-home buyers and a lot of investors have gone out of the market because they are calculating returns with the

32 Meadow Place, Uki, 12:30-1pm

150 Midginbil Rd, Midginbil, 1.15-1.45pm

42 Meadow Place, Uki, 1.15-1.45pm

95 Starlight Way, Pumpenbil, 2.30-3pm

DJ Stringer

increase in interest rates,” he said.

“Most people see another two to three interest rate rises and after that I think it will stabilise, but until they stop there is no confidence in investing.

“There are still cash buyers out there who will buy something which is priced correctly, but there are a hell of a lot of floodaffected properties and the days on market for them are starting to stretch out.”

JET director Elizabeth Hickey said some people are still being told their properties are worth more than they are.

“It’s about pricing properties competitively and seeing that it’s priced correctly,” she said.

“We do a lot of research and don’t just tell someone a price we make up,” Jason said.

“We can prove that the price range is accurate and the data we are trying to use is just for the last three months.

“A property sold this time last year is not comparable.

“People can get appraisals or get a registered independent

valuer to come in and you then are in a really good place to negotiate.

“If you don’t need to sell at the moment and you’ve been on the market for 120 or 150 days you could consider pulling it off the market until the interest rate rises slow down.”

Jason reckons it’s not all doom and gloom for sellers.

“We have been through these times before,” he said.

“In the last five years some people have doubled their money so if you just drop 10 per cent you’ve still made a fortune.”

973 Reserve Creek Road, Reserve Creek, 11am-12 noon

31 Yalambee Avenue, Cudgera Creek, 12.30 - 1.30pm

MANA Real Estate

4 Walgooan Way, Ocean Shores, 9-9.30am

4/2 Nunyar Court, Ocean Shores, 9.30- 10am

1603/22 Kirkwood Rd, Tweed Heads South ‘Price Guide $1.295M-$1.350M’ 10-10:30am 1054/14-22 Stuart St, Tweed Heads ‘Price Guide $770K-$790K’ 10-10:30am

1102/14-22 Stuart St, Tweed Heads ‘Price Guide $780K-$790K’ 10:30-11am

7/22 Recreation St, Tweed Heads ‘Price Guide $490K-$510K’ 11-11:30am

8 Castle Ct, Tugun ‘Interest Over $895,000’ 11-11:30am QLD Time

2/7 Albatross Circuit, Tweed Heads West ‘$740K-$760K’ 11:30-12pm

14/80 Duringan St, Currumbin ‘Interest Over $1.1M’ 12- 12:30pm QLD Time

3/12 Marian St, Tweed Heads West ‘Price Guide $420K-$450K’ 12:30-1pm

Ray White Rural Belinda Franks

135 McAuleys Road, Terranora, (Sat & Sun), 9-10am

We’re here to connect the property dots

1/3 Halyard Court, Ocean Shores, 10.30-11am

51 Garden Avenue, Nunderi, 11-11.45am

10 Flintwood Street, Pottsville, 12-12.30pm

30 Nugget Street, Diggers Camp, 12.30-1pm

Tate Brownlee Real Estate

14 Point Lookout Chase, Murwillumbah, 9-9:30am

108 Ash Drive, Banora Point, 10-10:30am

21 Piggabeen Road, Tweed Heads West, 11-11:30am

17 Pulkara Court, Bilambil Heights, 11-11:30am

1/85 Henry Lawson Drive, Terranora, 12-12:30pm

37 Illawong Crescent, Terranora, 1-1:30pm

20 Bosun Boulevard, Banora Point, 2:30-3pm

JET Real Estate

32 Ewing St, Murwillumbah (Friday only), 12-12.30pm

MANA makes it possible

From the many options, locations, agents, budgets, and property features - to choosing the one. Every day, we connect the dots. We connect vendors to buyers, tenants to leases, and ideas to reality. It’s what we’re all about. It’s our passion. It’s what makes us tick. We are the property dot-connecting glue in our community.

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