Tweed Coast Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Tweed Coast* recorded a median house price of $1,850,000, and a median unit price of $950,000. Annually (Q2 2023 – Q2 2024), this represents a relatively stable price growth for houses a 13.8% price growth for units. Comparing Q2 2023 and Q2 2024, total sales surged by 36.4% for houses (to 60 sales in Q2 2024) and by 4.0% for units (to 52 sales in Q2 2024). This indicates higher demand and more competitive market, especially for units; creating favorable conditions for owners. The current stability in the median house price creates a potential opportunity for buyers, especially as all planned new stock are units and townhouses.
CHANGE FROM LAST
YEAR
Tweed Coast will see approximately $146.3M of new projects commencing in the 2nd half of 2024.
HALF YEAR
Commercial
Infrastructure
$4.3M
$2.2M
Residential
$35.9M
HOUSE SALE S HOUS E ME D IAN PRICE
Mixed-Use
$104.0M
HOUS E RE NTAL PRICE
UNIT S AL E S
These projects will stimulate economic growth and create local job opportunities in Tweed Coast. This will have a spill-over impact on the real estate market, in the form of higher demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$1.85M
$950K
MEDIAN PRICE Q2 2024
$1,000
SALES
AVERAGE DAYS ON MARKET Q2 2024
65
58
HOUSE
U N I T
RENTALS
$700
A main mixed-use project in 2024 is Kings Forest At Kingscliff Master Plan Community ($100.0M), which plans to add 4500 dwellings. This includes constructing 2,700 low-density and 1800 medium-density dwellings. This will significantly boost the supply of stand-alone houses. That said, this is a long-term plan, with a planned completion timeframe in mid-2030. Other residential projects include: •
Marine & Pearl Apartments Kingscliff (25 Apartments)
•
Kai Residences Kingscliff (14 Units)
•
75 Kingscliff St (3 Townhouses)
AVERAGE DAYS ON MARKET Q2 2024
33
26
HOUSE
U N I T
42 Units/ Apartments
3 Townhouses
4,500 Dwellings