WITH PROPERTY prices continuing to rise across the country the number of homes selling for less than $400,000 has reached an all-time low.
Throughout the country over the past 12 months to June 2016, 33.1 per cent of all houses and 40.6 per cent of all units sold at a price point below $400,000. This has fallen from 34.8 per cent and 44.1 per cent respectively compared to the same time a year earlier. The proportion of house sales under $400,000 nationally is at a record low while the proportion of unit sales are close to an historic low.
Regional markets are characterised as having homes transacting at substantially lower prices than the capital cities. Across the combined regional markets, 54.6 per cent of houses and 65.4 per cent of units that sold over the 12 months to June 2016 sold for less than $400,000. Whilst the proportion of sales under $400,000 was at a record low for houses and units, both houses and units were more than twice as likely to transact for less than $400,000 compared to the combined capital cities.
A search of realestate.com.au* yielded a total of 375 properties for sale across the Tweed Shire with a maximum price of $400,000 out of a total of 1175 properties for sale. This represents 32 per cent of the market.
Compared to the national average there are less houses for sale under $400,000. Out of the 598 houses for sale in the Tweed Shire 132 had a maximum price of $400,000, only 22 per cent of all houses for sale.
Units on the other hand are more affordable on the Tweed compared to the national average. For a combined search of units, apartments, villas and townhouses there are 167 properties for sale at or below $400,000 out of a total of 262 properties. This represents 64 per cent of all units for sale.
*Search was conducted 28/8/16, the search did not include the categories of land, acreage, block of units and retirement living.