Real Estate FROM COAST TO COUNTRY
Tweed land values have skyrocketed By Jo Kennett THE NSW Valuer General has just released the latest land values, with the Tweed Shire experiencing big increases between July 2021 and July 2022. The land value is the value of the land only and doesn’t include the value of a home or other structures. Property sales are the most important factor valuers consider when determining land values. Land values are one factor used by councils to calculate rates. The increase in values in the Tweed Shire was consistent across residential, commercial, industrial and rural property, with demand from buyers relocating from cities to the area and working remotely, as well as tree and sea changers and retirees. Market drivers include relative affordability, additional supply from increased building to accommodate population growth, and the Pacific Highway upgrade and access to interstate and international destinations from the nearby Gold Coast international airport.
Residential overview A very strong increase in residential land values between July 2021 and July 2022 was consistent across all markets and was led by coastal locations including Casuarina, Cabarita Beach and Kingscliff, offering coastal proximity and relative affordability compared to major centres and Byron Bay. The highest jump over the year from July 1, 2021 to July 1, 2022 was at Kamala Crescent, Casuarina, which has R1 zoning (multi-dwelling housing, residential flat buildings) with a 5,394-square-metre lot doubling in value from $3,160,000 to $6,320,000. Cunningham Valuers and Property Advisers owner Tim Cunningham said a suburb’s new values “will depend on the growth that suburb has seen over the past few years.” “Beach front/beach side areas have generally seen more growth than say Banora or South Tweed, therefore the new land values are in line with this,” Tim said. “With Kamala Crescent I think it was coming off a low base
Open Homes Saturday, January 28 Tweed Heads Coolangatta Real Estate 4/117 Wharf Street: 10am-10:30am 23 Blundell Boulevard: 11am-11:30am 16/3-19 Amaroo Drive: 12pm-12:30pm
Elders Tweed Valley Amy Rosser
8 River Street 9am-9.30am 12 McMillan Street South Murwillumbah 10-10.30am 1 Maria Court, Condong 11-11.30am 115 Riveroak Drive Murwillumbah 12-12.30pm 2/13 Silky Oak Court Murwillumbah 12.45pm- 1.15pm
at $3.16 million and they were wanting it in line with the actual site value on a development site basis given the size. Land at Marine Parade, Kingscliff, zoned R3 (townhouses and villas but not units) had the next biggest rise in values, with a 850.9-square-metre block increasing 80 per cent from $1,900,000 to $3,420,000. While still strong, most residential value increases tapered off heading inland. Rural overview Tweed Shire experienced a big increase in rural land values with larger rural holdings in both coastal and hinterland locations and productive river flat country leading the trend. The highest rise recorded was at Tunnel Road, Stokers Siding (74.5 per cent over the financial year to July 2022) with 40 hectare properties jumping from $980,000 to an incredible $1,710,000. Eviron Road at Duranbah was the next highest with a 70 per cent rise over the year. Tim Cunningham said he has already seen a number of
First National Real Estate Murwillumbah
12 Golden Links Drive Murwillumbah, 11-11.30am 257 Dulguigan Road, Dulguigan, 9-9:30am 11 Bagoo Ave, Murwillumbah, 9-9:30am 9 Mooball Street, Murwillumbah, 9-9:30am 2/21 McPherson Court, Murwillumbah, 9:45-10:15am 141 Glenock Road, Dum Dum, 10-10:30am 4 Ted Brown Close, Kunghur, 10-10:30am 261 Tunnell Rd, Stokers Siding, 10-10:30am 109 Bonnydoon Road, Uki, 10:45-11:15am 12 Golden Links Drive, Murwillumbah, 11-11:30am 150 Midginbil Road, Midginbil, 11-11:30am 4 Smiths Creek Rd, Uki, 11:30-12pm 2043 Kyogle Road, Terragon 12:30-1:15pm 434 Hopkins Creek Road, Hopkins Creek, 2-2:30pm
Schmith Estate Agents
1/7 Advocate Place, Banora Point 9.30-10am 65 Cominan Avenue, Banora Point 10.30-11am 27 Margaret Street, Tweed Heads 12-12.30pm 81 Henry Lawson Drive, Terranora 12-12.30pm
properties in the Byron area on the market or sold for less than the new 2022 land value. “I would suggest if you own a property in NSW, this year would be a good year to check your new land value to make sure it is not excessively above what the actual value of land is, given we are now seeing a softening in market conditions and value levels,” he said. “This could help reduce your local rates and any land tax payable.” He said they have been doing a lot of property settlement/family law valuations. “I’m not sure if this is a cyclical thing or a result of the increased financial stress that may be caused today by the increase in interest rates and the cost of
living,” Tim said. “Quite a lot of people are opting for a tree change and moving to regional areas like Tenterfield, Stanthorpe, Warwick etc from the Gold Coast, Tweed, Byron and Brisbane where you can buy a lot more for less and live a ‘simpler’ life.” Tim said many people are getting valuations for refinancing as interest rates rise as they come out of low fixed interest rates, which he says makes financial sense. “The main trend I am seeing is that properties are now taking longer to sell when compared with interstate migration slowing from peak COVID times.” To find the land value of your suburb go to valuergeneral.nsw.gov.au
93 Bienvenue Drive, Currumbin Waters 12.30-1pm
DJ Stringer
8/13 South Street, Kirra `$1,100,000’ 9-9:30am QLD Time 11/206 Pacific Pde, Bilinga ‘Interest Over $1,200,000’ 1010:30am QLD Time 1102/14-22 Stuart St, Tweed Heads ‘Price Guide $780K-$790K’ 10:30-11:00am NSW Time 26/6-8 Thomson St, Tweed Heads ‘Price Guide $795K-$850K’ 11:30-12pm NSW Time 2B/3-9 Eden St, Tweed Heads ‘Buyer Range $775K-$845K’ 1212:30pm NSW Time 1603/22 Kirkwood Rd, Tweed Heads South ‘Price Guide $1.295M-$1.350M’ 1-1:30pm NSW Time
MANA Real Estate
4 Eloura Court, Ocean Shores 9.30am-10am 1/3 Halyard Court, Ocean Shores 10am-10.30am 9 Galleon Lane, Brunswick Heads 11am-11.30am 9 Gaggin Street, New Brighton 12pm-12.30pm 5 Phillip Street, South Golden Beach 1pm-1.30pm
Where do you want to be in 2023? manare.au
89270
Scan to find out what your property is worth.