(Printed first in The Weekly edition January 10)
TWEED SHIRE real estate agents are forecasting another big year for the Tweed’s property market with demand tipped to remain high from buyers and the need for new listings high on the list of priorities for local agents.
The Weekly has this week compiled an exclusive real estate report from the past 12 months with some big shifts in the market and strong growth on the coast.
Unit sales have picked up in the past 12 months and there’s been some big shifts upwards across several Tweed Coast suburbs including Kingscliff units which increased by 22.8 per cent following 171 sales.
Pottsville units increased by 14.8 per cent with 66 units sold in 2018, while Bogangar units experienced the largest growth of 42.1 per cent but had only 32 units sold.
The suburb with the strongest unit sales in 2018 was Tweed Heads which had 288 sales in 2018, but experienced a slight dip in overall growth by -0.7 per cent.
The big shifts in house prices this year came from the coast with Casuarina (19.4 per cent), Kingscliff (13.6 per cent), Bogangar (10.8 per cent) and Pottsville (7.7 per cent) houses all showing strong growth.
In the valley, Murwillumbah showed strong sales and growth in the past 12 months with a total of 144 properties sold and a steady 7.9 per cent growth.
Banora Point produced the most sales in 2018 with a total of 239 properties sold and growth of around 6.9 per cent.
The Weekly put several questions to local real estate agents in late 2018 and found similar outlooks in their responses including that the Tweed will “weather the real estate storm predicted in 2019”.
Elders Tweed Valley Director and Sale Consultant Craig Dudgeon said the team had a “really strong last quarter” and achieved some fantastic results.
“Listings have been steadily coming on the market,” he said.
“We need more quality listings, particular rural listings seem to be in high demand and vacant blocks which are the most enquired about.”
Mr Dudgeon said house prices seem to be in line with the current market.
“The media is certainly painting a picture of doom and gloom but hasn’t affected the market as yet,” he said.
“We are certainly in a very unique pocket of the country here in the Tweed Valley and will always be sort after and a little resilient.”
The Weekly asked whether local agents are preparing for a future rate rise, and what impact this could have on the local real estate market?
“Crystal balls are hard to come by but would expect we would weather any storm better than most regions,” Mr Dudgeon said.
In the meantime, Mr Dudgeon said the Elders Tweed Valley team had a positive outlook for 2019 with plans to expand their team.
“Sally Mitchell and I couldn’t be happier with our results,” he said.
“We have a created a dream team of dedicated, hardworking professionals committed to a growing business.
“So far first quarter is looking really good.
“New listings for January are looking good and we are expanding our team to cater for growth of our business.
“I’m really positive about next year and look forward to some great results.”
DJ Stringer principal David Stringer has also given a positive forecast for 2019 with the market geared towards sellers.
“Despite the negative publicity the media has been constantly voicing especially about our southern states, the Gold Coast & Northern NSW markets have remained upbeat,” Mr Stringer said.
“We haven’t seen a demise in the number of enquiry levels and as property listings remain tight, prices should be sustained based on sheer demand.
“In addition, the rental market is extremely buoyant with strong tenant demand and shortage of quality homes to lease.”
Mr Stringer said listings were tight during the entire 2018 calendar year.
“This did diminish at the last quarter based on the fact that, many potential local sellers didn’t have a lot of choice to relocate into and of course the festive season which does defer sellers usually until the new year,” he said.
Mr Stringer said he believes prices are in line with the market at the moment.
“The Southern Gold Coast and Northern NSW regions are considered very well priced, hence why such areas attract strong demand from not only our Brisbane and southern neighbours, but from buyers around the globe,” he said.
“An interest rate rise is inevitable during 2019 and in the short term shouldn’t have a lot of impact on the market.”
Mr Stringer said sale enquiries have been “exceptionally strong”.
“A majority of buyers are either looking for beachside or beachfront properties or family homes in quiet suburban areas on either sides of the border,” he said.
“The market is definitely in the seller’s favour based on the limited competing stock and an abundance of buyer enquiry,” he said.
“Buyers should still remain active and patient for the right property, at the right price.”
Finally, could you please give readers your forecast for the first quarter of 2019?
“We forecast that the market will continue its positive trends for sellers, with good signs also for buyers as more property is traditionally listed in from mid-January forward,” Mr Stringer said.
“So, buyers, get your finance in order, do your research and get ready to jump as soon as the right property comes your way.”
First National Murwillumbah real estate agent Helen Flynn said the market in the Tweed Valley is currently “quite solid, with well-priced properties selling”.
“Regional areas such as ours are bucking the trend of metropolitan areas like Sydney where there market is experiencing property price decline,” she said.
“Regional NSW experienced a growth in property prices of 3.2 per cent for the financial year ending 30/06/18.”
Mrs Flynn said listings in the December quarter were steady with a mix of residential and small rural properties coming onto the market.
“Property pricing in the market place is always an interesting issue – astute sellers who do their research as they enter the market (including taking advice from their agent) are well aware whether their asking price is realistic or not,” she said.
“Even though mortgage interest rates have been low and stable for a long time, an interest rate rise at some point is inevitable.
“Should that occur in our market, current and future borrowers should only notice a fairly small increase in monthly repayments which should be achievable for most.
“Therefore, market activity should not be impacted to any great degree.”
Mrs Flynn said during the financial year to date sales and enquiries have been strong.
“Buyers are looking for well-priced, well located and well-maintained property,” she said.
“In addition to existing improved property there is a big demand for more vacant residential land in the Murwillumbah West area.
“In addition to this the same can be said for vacant rural land subdivision – approval for this lies in the hands of local government.”
Mrs Flynn said it was a “great time to sell or buy” as the Tweed area is a sought after region.
“Our real estate pricing remains stable as we are being influenced by buyers who once looked to the Brunswick Heads/Mullumbimby/Bryon Bay areas but now find they can purchase more affordable property in this area,” she said.
“Also we have strong demand from buyers wishing to live here and commute to the Gold Coast for work.”
“The future looks bright for January, February and March 2019 and why wouldn’t it when we live in such a scenic area with beautiful beaches, world heritage National Parks, close proximity to the Gold Coast and Brisbane and all the facilities they offer.”