Real Estate FROM COAST TO COUNTRY
How COVID changed Tweed real estate SINCE THE World Health Organisation declared COVID-19 a worldwide pandemic in 2020, property prices in the Tweed Shire and around the country exploded by $188,000 on average and new data helps explain why. The median value of homes in the Gold Coast Tweed Heads region is $928,498 — an increase of 68.6 per cent over the past five years. According to CoreLogic, the legacy of COVID will be with us for a long time. “Housing values have surged since the onset of COVID,” CoreLogic Asia Pacific Research director Tim Lawless states in The Seven Ways COVID Changed Housing Trends report. “CoreLogic’s national Home Value Index (HVI) surged 32.5 per cent between March 2020 and February 2024, adding approximately $188,000 to the median value of an Australian dwelling. “Housing values initially dipped by 1.7 per cent between March 2020 and June 2020 before surging 30.8 per cent higher, finding a cyclical high in April 2022. ‘The market slumped 7.5 per cent
as interest rates rose from their emergency lows, but as inventory dried up and migration boomed, housing values commenced a new growth cycle in February 2023, rising 9.5 per cent through to the end of February this year.” Rental markets also tightened with vacancy rates still around 1 per cent and rental prices surging. “Nationally, rents have jumped 32.4 per cent since March 2020, adding approximately $150 per week to the median dwelling rent,” Mr Lawless said. “Monetary policy has played a key role in both stimulating housing demand, but also temporarily quelling activity as interest rates rose from mid-2022. “A record portion of borrowers took advantage of fixed mortgage rates falling below 2 per cent through the middle of 2022, fueling speculation of a ‘fixed rate cliff’ as the wave of fixed rate lending terms expired. “So far borrowers have navigated higher mortgage rates much better than expected with mortgage arrears holding below pre-pandemic levels.” “Inflation surged on the back of unprecedented peacetime fiscal stimulus and low interest rates as well
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as global supply chain disruptions that were amplified by the war in Ukraine. “As COVID-related restrictions eased, global demand strengthened.“ Inflation is now beating forecasts, fueling speculation we could see rate cuts later this year, which many Tweed households battling cost of living pressures would love to see. “Once lockdowns and social distancing measures eased, labour markets tightened significantly,” the report states. “Although labour markets are now loosening, RBA forecasts have the unemployment rate holding below 4.5 per cent through to at least mid2026. “Internal migration trends favoured regional markets through the pandemic but have since largely normalised, and open international borders saw overseas migration spike to record highs.” The Gold Coast and Tweed Heads area had the worst rental affordability in the country, with rents and home values still rising, days on market still short and vendor discounting also decreasing over the last year.
THIS WEEK’S Hot Property would have to be one of the best value properties around, with amazing views and close to some of the best beaches, restaurants and shops of Tweed Heads and Coolangatta. Number 2/144 Kennedy Drive is a two bedroom first floor unit in a small brick pet-friendly complex overlooking Terranora Creek. This peaceful haven is only five minutes drive from Cooly and Kirra beach, as well as being close to the M1 for an easy commute and within walking distance of shops. In front of the apartments is a private and sprawling lawn leading to a sandy shoreline and private boat ramp, perfect for anglers, boaties, paddle boarders and water lovers. The tiled living and dining area has air-conditioning and lovely views, as does the updated kitchen. It has a gorgeous balcony with a bar to enjoy the sunset over the water. The three-way bathroom includes laundry facilities and there is a single lock-up garage with shelving ideal for paddle and surf boards. There is also space for a second car in front of the garage. The property is on the market with DJ Stringer, and with a low body corp this low-maintenance home is worth every cent of the $600,000 to $650,000 the owners are asking for.
• 3/140 Kennedy Drive, Banora Point, 10 -10:30am
• 3 Carla Court, Varsity Lakes (QLD) 4:00pm -4:30pm
• 81 Jacaranda Avenue, Tweed Heads West,
10 -10:30am
NSW
Saturday, March 23
• 10 Bushranger Road, Terranora, 11 -11:30am
DJ Stringer Property Services • 5 Chestnut St, Elanora 9-9:30am QLD
JET
• 11 Sexton Hill Drive, Banora Point, 11 -11:30am • 150 Kennedy Drive, Tweed Heads West, 11
• 2/5 Foxhill Dr, Banora Point 11-11:30am NSW
• 1 Tombonda Road, Murwillumbah 9:30-10:00am
-12:15pm
• 8 McPherson Court, Murwillumbah 12:30-1:00pm
-12:30pm
• 17 Karingal Ave, Bilambil Heights 11:15-12pm NSW
• 188 Towners Road, Round Mountain 11:00-11:30am • 11/39-45 Tweed Coast Road, Bogangar, 12
Tate Brownlee
• 6/24 Dutton Street, Coolangatta 11:30-12pm QLD • 1/231 Golden Four Dr, Bilinga 12:30-1pm QLD
• 29 McLeod Street, Condong, 1 -1:30pm
• 143 Tweed Valley Way 12:45-1:15pm NSW
• 47 Bimbadeen Avenue, Banora Point, 2 -2:30pm
• 35 Tweed Valley Way 1:30-2pm NSW
• 8/13 Parkland Place, Banora Point, 9 -9:30am
• 29 Oyster Point Road, Banora Point, 3 -3:30pm
• 29 Bimbadeen Avenue, Banora Point, 9 -9:30am
• 99 Winders Place, Banora Point, 3 -3:30pm
Northern Rivers Property Group
• 38 Curtawilla Street, Banora Point, 10 -10:30am
• 19 Seaview Road, Banora Point, 3 -4:00pm
• 578 Tyalgum Road, Eungella Friday 12pm
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
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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
Hot property