Real Estate FROM COAST TO COUNTRY
Cities down but Tweed still red hot By Jo Kennett THERE HAS been a marked decline in national property prices but regions experienced a slight increase and the Tweed Shire has mostly increased over 2022 according to the latest property data. Casuarina was one of the few Tweed suburbs to experience a slight decline, but it was units in Murwillumbah that bucked all trends and jumped by more than 50 per cent over the past year. According to the PropTrack 2023 Property Market Outlook Report, national property prices had declined 4.3 per cent by December 2022, with houses recording a larger decline (down 4.6 per cent) than units (down 2.6 per cent) from their peak in March 2022. “As prices have fallen and the cost of borrowing has risen, the urgency to sell and purchase has reduced significantly,” PropTrack Director of Economic Research, Cameron Kusher, the author of the report, wrote. “This is highlighted by fewer properties coming to market for sale and the ongoing fall in the
number of property sales. “This suggests that most homeowners aren’t in a position where they have to sell, and that buyers aren’t under pressure to purchase. “It will be interesting to see how this evolves in 2023 once interest rates peak and as those on fixed rates due to expire face the reality of much larger mortgage repayments.” That’s the big question, with many financial experts believing the Reserve Bank should keep interest rates on hold until the effects of the rise in rates on the economy and households — which lags months behind the actual rises — can be seen. The biggest drop in prices was in Sydney, with a 7. 2 per cent decline. “Nationally, we are forecasting prices to fall by a further 7 per cent to 10 per cent by the end of this year,” Mr Kusher said. “This forecast is based on the assumption that the cash rate will increase 50 basis points from its December 2022 level (3.1 per cent). “We are expecting a further two 25 basis point increases in the
Open Homes Saturday, February 18 Elders Tweed Valley - Amy Rosser
12 McMillan Street, Murwillumbah,10-10.30am 391 Tweed Valley Way, Murwillumbah, 11-11.30am 115 Riveroak Drive, Murwillumbah, 12noon-12.30pm 2/13 Silky Oak Court, Murwillumbah, 12.45pm-1.15pm
DJ Stringer
1054/14-22 Stuart St, Tweed Heads ‘Price Guide $770K-$790K’ 10-10:30am NSW Time 1603/22 Kirkwood Rd, Tweed Heads South ‘By Negotiation’ 10:30-11am NSW Time 1102/14-22 Stuart St, Tweed Heads ‘Price Guide $780K-$790K’ 10:30-11:00am NSW Time 3 Highland Dr, Terranora ‘$1.8M’ 11:30-12:30pm NSW Time 26/6-8 Thomson St, Tweed Heads ‘Price Guide $795K-$850K’
cash rate. “Thereafter, we expect rates to remain on hold, with the potential for them to be reduced in late 2023 or early 2024.” Mr Kusher said demand for regional properties is also likely to slow and, given prices have seen stronger growth in these areas than within the capital cities, they expect to see price falls in these markets too. Right now, though, the Tweed Shire market is holding fairly firm, with only a slight decline in prices as the dust settles on the pandemic real estate madness. While regional prices declined nationwide by a lower 2.1 per cent, prices actually rose by over 1.1 per cent in NSW. In Murwillumbah things were looking even rosier. The median prices for houses in the 12 months from February 2022 to January 2023 rose 4.2 per cent to $800,000 although they are definitely flattening off. Unit prices in Murwillumbah jumped an astronomical 51.3 per cent to a median of $575,000. In Tweed Heads median house prices jumped 19.8 per cent over the year to $1,257,500.
Units experienced a jump in prices of 9.8 per cent to a median of $706,250. Houses in Tweed Heads West were up 9.6 per cent to $885,000 while units were up 8.8 per cent to $462,500, making them one of the best bargains in the shire. Kingscliff homes (which includes Salt) were already through the roof but were up a further 11.1 per cent over the past year to a median of $2 million. Units there were only up 4.9 per cent to $880,000 with a flattening of the price curve now becoming evident. House prices in Casuarina were one of the few to decline, down 2.4 per cent to $2.05 million. Casuarina units bucked that suburb’s trend, up 16.6 per cent to $932,500. Bogangar homes were down but only by 0.5 per cent to $1,432,500 while median unit prices were up 11.1 per cent to $852,000. The median price of Pottsville houses was up 9.4 per cent over the 12 months to $1.4 million while units there were up 13.9 per cent to $900,000, which seems
11:30-12pm NSW Time 3/12 Marian St, Tweed Heads West ‘Price Guide $420K-$450K’ 12:30-1pm NSW Time 175 Tweed Valley Way, South Murwillumbah ‘Buyer Range $740K-$790K’ 1-1:30pm NSW Time 12 Ocean Ave, Tweed Heads South ‘Price Guide $1M-$1.1M’ 1-1:30pm NSW Time 9/182 Kennedy Dr, Tweed Heads West ‘Price Guide $440K-$460K’ 1:30-2pm NSW Time
Schmith Estate Agents
1/7 Advocate Place, Banora Point, 9-9:30am 15 Dallis Court, Dunbible, 10.30-11am 50 Hillcrest Avenue, Tweed Heads South, 11.00 - 11.30am 81 Henry Lawson Drive, Terranora, 12 - 12.30pm 5/4 Banks Avenue, Tweed Heads, 2 - 2.30pm 11/8 Musgrave Street, Coolangatta, 2-2.30pm QLD Time
MANA Real Estate
63 Castle Field Drive, Murwillumbah, 9-9.30am 4/2 Nunyar Court, Ocean Shores, 9-9.30am
Unit 2, 13 Silky Oak Court at Bray Park for sale for $589,000
a lot but remember some of these units come with a big price tag and water views which raises the median substantially. Median house prices in Banora Point were up 10.1 per cent to $980,000 while units only experienced a 2.8 per cent increase to $650,000, which is still a lot of money for a unit. Prices in Terranora were also up for houses by 18.3 per cent to $1,242,500 with not enough unit sales to establish a clear trend. There were big declines in sales in regional NSW, down 23.9 per cent. “For regional areas, it is reflective of the reduced impetus to leave the capital cities,” Mr Kusher said. “In the larger capital cities, it reflects homeowners’ reduced confidence to sell as interest rates have continued to climb and prices have fallen.”
1/3 Halyard Court, Ocean Shores, 10-10.30am 351 Zara Road, Zara, 10.30-11.30am 5 Philip Street, South Golden Beach, 10.30am-11am (auction at 11am) 1/8 Yengarie Way, Ocean Shores, 12noon-12.30pm
Tate Brownlee Real Estate
16 Silkpod Avenue, Murwillumbah 9:00-9:30am 17 Sovereign Way, Murwillumbah, 10:00-10:30am 6 Campfire Court, Terranora, 10:00-10:30am 64 Kimberley Circuit, Banora Point, 11:00-11:30am 51 Marana Street, Bilambil Heights, 11:00-11:30am 2/204 Kennedy Drive, Tweed Heads West, 12:00-12:30pm 623 Terranora Road, Terranora, 1:00-1:30pm 739 Carool Road, Carool, 2:00-2:30pm 6103/31 Bourton Road, Merrimac, 3:00-3:30pm
Local Reality Sales and Rentals
70 Dry Dock Road, Tweed Heads South, 12.30-1pm 29 Seaview Street, Tweed Heads South, 11.30-12pm 20 Inlet Drive, Tweed Heads West, 10.30-11am
Where do you want to be in 2023? manare.au
89270
Scan to find out what your property is worth.