Real Estate FROM COAST TO COUNTRY
Exclusive agent market update WITH INTEREST rates thought to be at the top of the cycle and the local real estate market stabilising, demand for local property is still strong, according to local agents. The Weekly caught up with local real estate experts to see how the market is going at the moment, after a bombardment of rate rises from the Reserve Bank which has seen a decline in interest from investors and first-home buyers.
Northern Rivers Property Group
Northern Rivers Property Group principal Paul Stobbie said a large proportion of the buyers he and his team were seeing are still coming from the major cities “with the second most popular cohort coming from the Gold Coast and Sunshine Coast corridor.” “Of 29 offers received through the last quarter, 17 of those were from Melbourne and Sydney buyers,” Paul told The Weekly Real Estate. “The other segment gaining some momentum is locals downsizing from acreage they have been on for quite some
time and downsizing into a more manageable town block or much smaller acreage. “The market has certainly stabilised over the last quarter after a quieter than usual first quarter of ‘23, with buyer confidence returning now that we are at the top, or very close to the top, of the current interest rate cycle.” Paul believes that buyers have a more confident outlook now of at least borrowing capacity and thus “are able to go forward with an offer they can support.” “Prices have stabilised after a continued downturn throughout the back half of 2022 and now we are now seeing prices remaining solid over the last three to four months,” he said. “Prices do not look like dropping in the near term, meaning it’s a great time to buy. “Murwillumbah remains a very popular location with it being firmly in the thoughts and minds of downsizers and tree-changers looking for a vibrant, happening community with its continuing burgeoning arts and food culture driving tourism, not to mention the
very popular rail trail.” Paul is expecting a “stable and steady” six to 12 months ahead for both sellers and buyers “with no real change forecast until at least the first quarter of 2024.” “That’s with a caveat that the effects of the last 12 months of interest rate rises may yet to be fully felt with around 1 million mortgagees coming off a low fixed interest rate to a much larger variable rate over the next six months which may force some sales, but we feel this area may be able to ride that out by and large,” he said.
DJ Stringer Property Services
DJ Stringer principal David Stringer said there is still strong demand, particularly from city buyers, in the Tweed Heads and Tweed Coast areas. “The demographic of buyer enquiry hasn’t really changed, still a majority of local buyers including Brisbane, as well as a large percentage from Sydney, Melbourne and Canberra,” David told The Weekly Real Estate. “In particular, the enquiries from first-home buyers and investors
This Condong beauty is for sale with DJ Stringer, for $695K to $745K
have declined on the back of interest rate increases. “Many are still in the market to buy, however they are waiting for the right opportunity and prices to fall.” David said he was seeing some sellers lowering prices “based on lower demand and in some areas more competing property being listed for sale” but there was good news for investors in the local market. “The Tweed central area is still very much in demand and anything within a few kilometres to the beach,” he said. “Also, there is a strong demand for acreage and luxury property.
Open Homes
1 Tombonda Road, Murwillumbah, 9:30-10am
Saturday, July 29
6 Elouera Terrace, Bray Park, 11-11:30am
Tweed Coolangatta Real Estate
51-53 James Street, Murwillumbah, 12-12:30pm
585 Tumbulgum Road, Tygalgah, 10-10:30am 17 Elvadale Place, Nunderi, 11-11:30am
6/14 Kirkwood Road, Tweed Heads South, 1111.30am 54/5-9 Soorley Street, Tweed Heads South, 1111.30am
DJ Stringer Property Services
JET Real Estate
5/63 Dixon St, Coolangatta ‘By negotiation’ 11-
506 Tweed Valley Way, Sth Murwillumbah 9-9:30am
11.30am
2/54 Mclean Street Coolangatta ‘Price Guide $1.5M’ 10-10.30am
11/22 Binya Ave, Tweed Heads ‘Price Guide $595K-$650K’ 12-12.30pm
Tate Brownlee Real Estate 74 botanical circuit, Banora point, 11-11:30am
Belinda Franks Ray White Rural 199 Tweed Valley Way, South Murwillumbah, 1010.30am 4 Maria Court, Condong, 11-11.30am 26 Prince Street, Murwillumbah, 12-12.30pm 8 Riverview Street, Murwillumbah, 1-1.30pm
Our Community Comes First We all live and work here in the beautiful Northern Rivers and we’re serious about doing right by our community. We value the relationships we form with our clients and potential buyers and personally communicate all the way through the sales process. After all, we’re going to be neighbours.
02 6672 2499 jetrealestate.com.au SELLING . BUYING . PROPERTY MANAGEMENT
.
.
“Despite a slight dip in the rental market recently which saw rents fall marginally, enquiries and lettings are on the up and have doubled within our office during the last month alone, largely due to setting the correct market rents. “In addition, there is strong demand for prestige homes and apartments across the Tweed and southern Gold Coast. “All in all, this is positive news for investors with plenty of demand for all types of rental property.” Read more valuable insights from local agents in next week’s edition.
THINKING OF SELLING? CALL THE TEAM TODAY Jason Dittmar 0477 711 858 Elizabeth Hickey 0474 908 555 Tania Sheppard 0438 446 578
90228
By Jo Kennett