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Data shows Pottsville unit prices have soared this year
By Jo Kennett THE TWEED Coast property market is still flourishing, with Pottsville unit prices going up more than 20 per cent in the last six months. Kingscliff had 12 properties available for rent and 34 properties for sale on Friday, January 29. On Tuesday, August 18, there were 45 properties available for rent and 40 properties for sale. As of July 28, the median house price was up from $1.25 million to $1.35 million according to data from PropTrack, while the average unit price has risen from $625,000 in January to $762,500. Kingscliff house rentals averaged $720 per week six months ago, with August 15 data from realestate.com.au showing an increase to $795, while units jumped from $500 to $565 on. Pottsville had 12 properties available for rent and 32 properties for sale on Friday, January 29, with a decrease in rentals to seven and a slight increase in properties for sale to 39 on July 28 . Median property prices over the year to January 29 ranged from $840,000 for houses to $553,500 for units. That had increased to $964,500 for homes and an astonishing $688,500 for units according to PropTrack. Houses in Pottsville rented out for a median price of $595 per week and units $450 per week in January, but by mid-August that had jumped to $650 for houses and $488 for units. Bogangar had four properties available for rent and seven properties for sale on Friday, January 29.
On July 28, Bogangar had seven properties available for rent and ten properties for sale. The average Bogangar property prices over the year to the end of January ranged from $912,500 for houses to $565,000 for units. Six months later, the median property price was $1 million for houses and $595,000 for units. In January, houses in Bogangar were renting out for $580 per week on average while units were rented out on average for $425. By mid-August houses in Bogangar were renting out for $650 per week and units for $500. We don’t have property information for Murwillumbah from January, but it now has ten properties available for rent and 28 properties for sale. The median property prices over the last year range from $620,000 for houses to $473,000 for units. Houses in Murwillumbah rent out for $530 per week on average and units rent for $350. Based on five years of sales, Murwillumbah has seen a compound annual growth rate of 10 per cent for houses and 21.5 per cent for units. Property searches on realestate. com reached their highest level since March last week, despite or perhaps because of, much of the country being in lockdown. The REA Insights Buyer Demand Index, which measures high-intent buyer activity on realestate.com.au, increased 0.9 per cent in the week up to August 11, with buyer demand just 10 per cent short of the historic-peak recorded in February. Paul Ryan from REA Insights says, “continued restriction of activity may see interest dwindle as available stock declines.”
A two-bedroom unit in this Pottsville unit block is on the market for $525,000
During the latest Sydney outbreak, demand has risen in every region except Queensland and Western Australia, according to the data. Demand for units has increased the most over the past year, with demand for houses broadly flat. A surge of first-home buyers, as well as investors coming back into the market in 2021, has contributed to the increase in interest for units. Mr Ryan said that demand was likely to go down over the coming weeks, with lockdown restrictions looking set to continue in New South Wales,
however he believes that if this wave of the pandemic is brought under control, property will rebound later in the year. The Reserve Bank met on August 3 and decided to keep interest rates on hold, surprising no one. “The outlook for dwelling and business investment would continue to be supported by accommodative financing conditions and fiscal policy measures,” the minutes of the meeting read, referring to the record low interest rates. “Recent lockdowns and restrictions on construction activity in Greater Sydney and
elsewhere were anticipated to affect both residential and non-residential investment in the September quarter, but this was generally expected to lead to plans being deferred rather than cancelled. “Residential building approvals had eased, as expected, following the end of the application period for the HomeBuilder program. “However, approvals remained at a high level and the large volume of residential building work in the pipeline was likely to support dwelling investment for some time.”
We are so thrilled and honoured to be nominated in REI NSW Awards for Excellence... Now into its 25th year, the prestigious Real Estate Institute of New South Wales Awards for Excellence are the most respected and highest honour within the real estate profession, acknowledging exceptional performances across the industry. The 2021 finalists have just been announced.
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Among those honoured was our team at Raine & Horne Ocean Shores/Brunswick Heads & Murwillumbah, who have been shortlisted as finalists in the RESIDENTIAL SALES TEAM category. Megan Chynoweth, our Sales team’s Administration Manager, is also a finalist in the OPERATIONAL SUPPORT category.
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We are so thrilled and honoured to