The Weekly Real Estate from Coast to Country, December 29 to January 5 Double Edition

Real Estate

FROM COAST TO COUNTRY

Tweed’s best buys and forecast for 2023

By Jo Kennett

WITH INTEREST rates expected to steady next year, The Weekly caught up with some local real estate experts to get their forecasts for 2023 as well as some hot tips on the best buys in the Tweed Shire.

Tate Brownlee Real Estate

Principal Tate Brownlee has only one tip on his best buys that he reckons will pretty well cover everything.

“We are having a mega auction on January 24, 2023, (6pm NSW time at The Ivory Tavern); that’s where all the best buys will be,” Tate told The Weekly.

“It’s the biggest real estate event in the region and it’s got everything. It has great value renovators, and all the best value properties.”

Northern Rivers Property Group’s Paul Stobbie said one of their best buys at the moment is a four-bedroom, 175-square

metre home on a 936-square metre block at 55 Mount Ernest Crescent, Murwillumbah.

The property is open to expressions of interest (the buyer is looking for something close to $600,000) and is ideal for tradies who want to add value as it is three quarters finished.

It’s in a quiet area adjacent to bushland.

Principal at Schmith Estate Agents Justin Schmith said the best buys he has for “the astute buyer” in the Tweed Shire include a property whose owner has to go into care so they are motivated to meet the market.

It’s a single-level three-bedroom villa at 1/7 Advocate Place, Banora Point, perfect for retirees or downsizers.

The low-maintenance villa is in a small, pet-friendly complex a short walk to Club Banora and Banora Shopping Village.

Justin’s other pick for best buys is at 362 Old Lismore Road,

Byangum

“It’s the first time this property has been for sale in 150 years and the sellers are very motivated,” Justin said.

“It’s an amazing price point for 40 acres of pristine country with a forthcoming auction if not sold prior.”

This is a nature lover’s paradise filled with wildlife and native trees just five kilometres from Murwillumbah. It has potential house sites with views, some cleared areas suitable for orchards, bananas, or a few cattle or goats

Forecast for 2023

Northern Rivers Property Group’s Paul Stobbie is, like other agents, confident any slowing in the market from interest rate rises will stop next year.

“We are hopeful of a stabilisation in the market in the first quarter of 2023 when interest rates stop climbing and

buyer confidence returns, which in turn will halt the current price declines being seen,” Paul told The Weekly.

Tate Brownlee is also optimistic for the coming year.

“I feel based on the significant drop in the numbers of properties for sale that our market will hold relatively steady,” Tate said.

“There may still be some adjustments due to interest rates but I think it will steady as early as spring next year so now is a good time to get into the market.

Kel Judd from Kel Judd Real Estate said, “All the experts said the world was going to end with COVID but it went the opposite way.”

“We live in a nice part of the world and that’s not going to change,” he said.

“Some of the residential properties are longer on the market than they were.

“There was panic on the market before, but now the buyers are

getting a little bit choosier, so it’s back to the normal market where it might be on the market for a month or two.”

It’s shaping up to be an interesting year ahead but like Kel says, we live in a beautiful place and the market steadying as interest rates top out will give buyers better opportunities to have their own slice of paradise. Have a safe and happy New Year.

Cunningham Valuers look at 2023

By Jo Kennett

admits it’s hard to know exactly what will happen to the residential property market in 2023 but points out the Northern Rivers is the fastest growing area in NSW with population growth expected to continue for years.

“After nearly two years of solid growth in population, sale prices and value levels in the Northern Rivers and southern Gold Coast, early 2022 saw what I believe to be the ‘peak’ of this property cycle, with value levels peaking around this time for most market segments,” Tim told The Weekly.

“We have since seen value levels in the local area fall

throughout 2022 (for most market segments), brought on by a general softening in buyer demand and enquiry, the unprecedented flooding events in February/March and the 3.1 per cent increase in interest rates since May 2022.”

Tim said there are a number of factors to consider when looking at where the market might end up.

“The first is interest rates/ inflation. When will the Reserve Bank of Australia (RBA) stop raising interest rates and when will inflation be under control?” he said.

“Remember Philip Lowe famously stated last year the RBA would not lift interest rates until at least 2024. One would like to think that we are nearing the end of

the interest rate rises, however I cannot be sure.

“The cost of living has also increased quite noticeably over the past 12 months or so which is further eating into our back pockets.”

Tim says the second factor is the “cloudy skies on the horizon” regarding the war in Ukraine and tensions around China.

“We have Ukraine receiving billions in ‘aid’ from the US of A which is not making Putin very happy,” Tim said.

“We then have tensions between China and Taiwan and now also escalating tension between China and India.

“We can only hope that there will be no major flare ups in 2023.”

Dreams to reality

Tim said he is hopeful COVID-19 won’t cause more serious problems in 2023.

“All going to plan, the Tweed Valley Hospital at Kingscliff will be seeing patients at the end of 2023, which is a major win for the area,” he said.

“The interstate migration explosion brought on by COVID in 2021/2022 appears to have slowed back to more normal levels, however the Tweed/ Northern Rivers is still a very attractive place to live.

“As per the NSW Government, the Northern Rivers is the fastest growing region in NSW, with an extra 13,290 people tipped to be in the Tweed Region by 2041.”

So, with all that in mind, what are Tim’s predictions for 2023.

“Call me a pessimistic, glass half-full valuer, I believe 2023 will see similar market conditions to 2022, more ‘normal’ market conditions and with value levels to keep softening into 2023 and possibly bottoming out when inflation and interest rates stop going up,” he said.

“Unfortunately, I do not have the magical crystal ball and don’t know if or when this is going to happen in 2023.

“This is also assuming there are no world/civil wars, global pandemics, stock market crashes, global financial crisis’, floods, fires, asteroids, alien invasions or Armageddon in 2023.

“Thank you for reading and I wish you all a Merry Christmas and a prosperous 2023.”

CUNNINGHAM VALUERS & Property Advisers Director Tim Cunningham

Pristine wilderness and river frontage at 362 Old Lismore Road, Byangum

Courtney Hartley Portfolio Manager

Tammy Stringer Company Manager

Andrea Thomas Holiday Manager

Mary Watkins

Sarah