Real Estate FROM COAST TO COUNTRY
S P R I N G M A R K E T U P D AT E w i t h s o m e t o p l o c a l a g e n t s
By Jo Kennett INTEREST RATE cuts have seen an increase in investor activity in the Tweed, with the five per cent deposit scheme also attracting first home buyers into the market, with much of the commentary from property experts suggesting we are about to have yet another boom. Auction clearance rates are used as a litmus test for what the market is doing in general and the news from Cotality that capital cities experienced their highest preliminary clearance rate since October 2021 is definitely a sign that the three interest rate cuts this year have brought more buyers into the market. October 2021 was when property prices and rents started to soar. Combined regional areas in Australia saw home values rise by around 56.3 per cent from 2020 and the jump in prices in 2021 was next level.
David Stringer
Read from property expert David Stringer
decrease in interest rates we are seeing buyer confidence and DJ Stringer owner David Stringer strong activity in the popular Tweed Coast market.” says the local market “across the Julian also mentioned “the board from first home buyers up birds and the bees singing in full to $1 million and those especially harmony” which makes me think seeking family homes up to $1.5 he has missed his true calling as million has been exceptionally the Paul McCartney of the real strong across all Tweed regions, with the huge spike in enquiries for estate industry. We are loving the warmer Banora Point.” weather too and it certainly helps “In addition, we are also to get those buyers out and about. experiencing a lift of investor enquiries, on the back of lower Read from property interest rates and ever-increasing expert Justin Schmith rental prices, ignited by lower Justin Schmith, owner of Schmith supply levels,” David told The Estate Agents, said the interest Weekly. rate cuts have added a little more
Read from property expert Julian Cleak
Julian Cleak from Coastal Property Collective at Kingscliff said that “spring has now truly sprung and with the warmer weather combined with the recent
Open Homes Saturday, September 27 DJ Stringer
Julian Cleak
• 7/311 Golden Four Dr, Bilinga, 9–9.30am • 803/106 Pacific Pde, Bilinga, 9.45–10.15am • 38 Amaroo Dr, Banora Point,10–10.30am • 9/277 Golden Four Dr, Bilinga, 10.30–11am • 1091/14-22 Stuart St, Tweed Heads, 11–11.30am • 1/151 Golden Four Dr, Bilinga, 11.15–11.45am • 2085/18-20 Stuart St, Tweed Heads, 11.30–12pm • 2104/18-20 Stuart St, Tweed Heads, 12–12.30pm • 244/6-8 Stuart St, Tweed Heads, 12.45–1.15pm • 1444/6-8 Stuart St, Tweed Heads, 1.15–1.45pm
positive sentiment “but the money increased is not noticeable.” “Anything under $1 million is hot hot hot,” new dad Justin said. “Particularly because the new revised first home buyers concessions (up to $1 million)
with investors in a hot marketplace and first home buyers are being advised to seek written preapproval for finance to strengthen their position when submitting offers. Justin Reserve Bank boss Michelle Schmith Bullock said last week that the FHB deposit scheme will push up — some genius idea from the demand for property, which they government is only looking to say is good for homeowners but inflate the entry level of the market. not so good for those who don’t “Government needs to keep out already own property. of free, or any market, period.” “Our sense is that it could add to Go ‘Schmithy’! Those people overall housing credit in the order desperately trying to avoid those of 1 to 2 per cent at the margin, high rents and buy their way into you may see a little more upward the market hear you loud and pressure on house prices in the clear. short term, recognising that first “Anything $1.5 million or above home buyers account for about is proving to be a little tricky,” 20 per cent of the flow of new Justin said. housing credit,” RBA assistant “Days on market have increased. governor Brad Jones said. Tweed is performing better than “Purely on the demand side, ever since 2021. most of the estimates out there, “Acreage is still slow, in part including from Treasury, suggest because of higher price point. that, almost by definition, because Stock is still overall tight, but of the way the policy is set because buyers over $1.3 million up, it will bring forward more to $1.5 million aren’t swooping in purchases.” like they once were, it’s still a little That means the market will get tricky to put deals together. even hotter, for better or worse. Read from more top local agents The First Home Buyer (FHB) next week. Scheme will be in competition
JET Estate Agents
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FROM THE JET REAL ESTATE TEAM