Real Estate FROM COAST TO COUNTRY
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Terranora price growth third highest in nation
By Jo Kennett TWO TWEED suburbs have featured in the top ten list for house price growth during 2021, as growth in regional NSW outpaces Sydney. Terranora recorded the third highest increase in property value in the country during 2021, according to Domain’s latest House Price Report. It also came second in the top ten list of regional NSW suburbs with the highest price growth in the last quarter of 2021. A total of 51 homes sold in the in-demand suburb over the past year, with a median sale price of $1.3 million. This represented a 66.7 per cent annual gain and highlighted once again the exodus of people from the cities to regional areas. Regional NSW is now outpacing Sydney in property price growth according to the latest data. The Tweed Coast was among several north coast areas that experienced price growth of over 32 per cent for 2021. Casuarina came in at number seven for price growth in the state, with a final quarter
increase of 54.2 per cent to a median price of $1,850,000. Houses in the Tweed Shire witnessed a 5.1 per cent increase overall in the last quarter of last year, from a median price of $875,000 in September to $920,000 in December. That was an annual increase of 35.9 per cent from $677,000 in December 2020. Unit prices in the shire increased more than houses in the final quarter, up 7.5 per cent from a median of $600,000 in September to $645,000 in December. The annual increase wasn’t as large for units as houses though, up 15.2 per cent from $520,000 in December 2020, but that’s nothing to scoff at. Four of the five suburbs that witnessed the largest national growth in 2021 were northern NSW coastal towns with Byron Bay at number one, Minyama on the Sunshine Coast number two, Terranora three, followed by Lennox Head and Suffolk Park. According to the report, house and unit prices are at record highs and have nationally recorded the strongest quarterly
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gain on record. This was driven by a strong surge in regional NSW which saw quarterly growth more than double. The surprising fact in the top ten list for NSW is that while eight out of the top ten were for house price growth, Byron Bay topped the list for price growth for units, not houses. The median unit price for a unit in Byron in 2021 was $1,451,250, an increase of a whopping 107.3 per cent, which makes it a great investment for any buyers cashing out. Domain’s chief of research and economics Nicola Powell said regional NSW price rises had picked up momentum last quarter, with house prices up 12.5 per cent to $720,000 – taking annual growth to 27.5 per cent. Dr Powell said the pandemic has been an impetus for change, driving a social and lifestyle shift, sparking a renaissance in outer suburbia and accelerating the city drain into regional Australia. “Ultra-low home loan rates, government stimulus, rebounding economic conditions, returning expats and improved household
savings became the perfect combination of factors for extraordinary price growth and activity in 2021,” she said. The median price for a house in Australia rose 25.2 per cent to cross the $1 million threshold for the first time. Dr Powell said the significance of that “could not be understated.” “That million-dollar median is a real psychological barrier,” she said. “The market is extremely challenging, there’s no getting away from it.” “People who don’t own a home yet are faced with such dramatic rises in prices in such a short time [and] at a time when rents are also rising. Wages growth does not keep up with that. “If you don’t own a home, if you’re a parent, how on earth will they ever afford it? “If having the stratified median national house price pass $1 million doesn’t put housing affordability on the agenda for the government, I don’t know what will.” According to Dr Powell, prices are unlikely to have peaked yet, despite signs that the pace of
growth was slowing down. “We haven’t reached peak prices yet,” she said. “Overall, they’re likely to still go up from here, but not by as much. “It’s more about that wave of growth, that really super strong momentum we saw, that’s what has peaked.”. According to Dr Powell, the rapid escalation in prices was proving to be “a significant financial barrier for entry buyers and upgraders against the backdrop of low wage growth” as Tweed Shire residents desperate to get into the market know only too well. Despite that, she believes that conditions are improving for buyers “and it’s a wake-up call for sellers”. “In early 2021, sellers would’ve readjusted their prices upwards during the campaign, now they may have to adjust them downwards,” she said. “Buyers are astute and don’t want to overpay. They’re conscious we’re close to the peak.”
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