Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Residential towers to replace Kirra pub Property boom! By Jo Kennett
THE OLD Kirra Beach Hotel is about to be demolished and replaced by a $380-million three-stage high-rise development called Miles Residence, Kirra Point. The development will include 200 new residences over three buildings on the one hectare lot. Developers KTQ Group were also behind Elements at Byron and Bayshore Bungalows, and the Byron Solar Train at Byron Bay, as well as Orion on Rowe, currently being built at Caboolture. A total of 198 apartments, 78 hotel rooms and a retail precinct will replace the Kirra Beach Hotel. The project will be built over three stages with construction of the first stage to begin in mid-2021 for completion in 2023. The first stage includes a 15-storey tower with 118 luxury residences. The second stage will be a 10-storey tower with 80 apartments and the third stage will have 78 hotel rooms in a four-storey building. The second and third stages are expected to be completed within five to seven years. There will also be a three-storey basement car park with 530 car spaces According to the developers, the new development will feature “a modern recreation of the existing venue” (the old Kirra Beach Hotel) and a rooftop bar. Two-bedroom apartments are priced from $795,000.
KIRRA CHANGING: Two artists’ impressions of the Kirra Beach Hotel redevelopment
Architects for the project are Woods Bagot, a company founded in Australia that have won many awards for their commercial buildings around the world. Registration of interest in the one, two and three-bedroom apartments and penthouses opened late last year, with the project’s marketing team Keenan & Co already receiving over 1,000 inquiries by early January. Tim Keenan from Keenan & Co recently told the media that there had been “strong national and international interest in the owner-
Open homes *All open homes are listed in NSW time
Friday, February 26 Raine & Horne Ocean Shores/Brunswick Heads/ Murwillumbah: Panorama Estate, 2981 Kyogle Road, Kunghur, 9am-11am
Saturday, February 27 Raine & Horne Ocean Shores/Brunswick Heads/ Murwillumbah:
occupier and downsizer market”, with much of it being driven by interstate migration from the south. According to the developers’ website, the Miles Residence will be “a lifestyle precinct which includes a range of luxury apartments, a laneway retail precinct, new food and beverage outlets, a luxury hotel, and the reinvention of the Kirra Beach Hotel which currently operates on the site.” The development is being designed as “an authentic immersion into the rich history, culture and lifestyle of Kirra.”
1/132 Darlington Drive, Banora Point, 9am-10am Hundred Hills Estate, Murwillumbah, 9am-11am 14 King Street, Mullumbimby, 10am-10.30am 11 Regency Crescent, Goonellabah, 10.45am-11.30am 10B Whitton Place, Ocean Shores, 11.30am-12pm 37 Warwick Park Road, Sleepy Hollow, 1pm-1.30pm Panorama Estate, 2981 Kyogle Road, Kunghur, 12pm-2pm DJ Stringer Property Services - Coolangatta: 48/7 Island Drive, Tweed Heads, 12pm-12.30pm 7 Wyuna Road, Tweed Heads West, 10am-10.30am 4/10 Mugga Way, Tweed Heads, 11am-11.30am
RECORD LOW mortgage rates, improving economic conditions, government incentives and a low supply of properties, are the drivers behind Australia’s property boom, according to CoreLogic’s latest home value index, which reported a surge of 2.1 per cent in February. It’s the largest month-on-month change in CoreLogic’s national home value index since August 2003. Australia’s housing market is in the midst of a broadbased boom, according to CoreLogic, with regional markets such as the Tweed Shire, up 2.1 per cent over the month, and continuing to show a higher rate of capital gain relative to the capital cities (up 2.0%). “However, the performance gap has narrowed compared with the earlier phase of the growth cycle,” Corelogic said. “Regional areas generally recorded less of a decline in housing values through the worst of the COVID period last year, while also showing an earlier and stronger growth trend through the second half of last year. “This regional preference is reflected in the annual growth trend, where the combined regionals index is 9.4 per cent higher while the combined capital city index is up a much smaller 2.6 per cent.” Housing values are rising across each of the capital cities and the regions, demonstrating the diverse nature of this housing upswing. According to CoreLogic’s research director, Tim Lawless, a synchronised growth phase like this hasn’t been seen in Australia for more than a decade. “The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fueled buyer demand,” he said. Sydney and Melbourne were among the strongest performing markets, recording a 2.5 per cent and 2.1 per cent lift in home values over the month respectively, as Australia’s two largest cities caught up from weaker performance through 2020. “Whether this new found growth in Sydney and Melbourne can be sustained is unclear,” Mr Lawless said
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Murwillumbah 02 6672 4477
02 6672 4477
02 6672 4477 rh.com.au/murwillumbah rh.com.au/murwillumbah