Outlook on 2017 Property Market

To our existing and future clients, welcome to the first edition of the PRDnationwide Coolangatta/Tweed Coast blog for 2017.

Each month, I aim to provide my take on market insights and observations, discuss key happenings in and around our southern property patch, along with information I hope you will find useful, whether you are looking to buy or sell, now or in the future.

How fast is 2017 going!? We are now at the beginning of March, the festive season is well and truly behind us. Kids are back at school, everyone is back at work and already the first quarter is almost done and dusted. And there’s no sign of slowing on the property front either.

The Southern Gold Coast and Tweed property scene is poised for a momentous year as it continues to ride the wave of demand and growth that characterised the local market in 2016.

Buyers and renters are well and truly out of the blocks in 2017 and keen to secure their slice of our beautiful region, which is keeping our sales and property management teams here at PRDnationwide Coolangatta/Tweed Coast extremely busy.

This enthusiastic demand is well-founded given the solid growth of prices and huge upsurge in sales activity that our unique cross-border coastal area is experiencing.

New research from PRDnationwide reveals sales are well up on previous years with vacant land purchases jumping 18 per cent, house sales up 12.6 per cent and unit transactions rising by 11.8 per cent.

The median house price grew 4 per cent to $545,000 while the median figure for vacant land rose 3.5 per cent to $330,000.

This is not surprising; the Tweed and its spectacular coastal strip are on the radars of owner occupiers and renters who want the convenience of living close to the Gold Coast without the hustle and bustle of the nation’s sixth largest city.

Investors, particularly those from Sydney and Melbourne, also are plugged in to this region given its status as one of Australia’s leading lifestyle and holiday destinations.

They view our property as good value and a great investment avenue in which to park their cash at a time when they are getting little joy from bank deposits.

On that note, Tweed landlords have witnessed some impressive rises in median weekly rents with one-bedroom apartments leaping 19.1 per cent, two-bedroom units rising 9.4 per cent and four-bedroom houses surging 10.6 per cent.

I see these sales volume, price and rental market trends continuing throughout 2017 as the region continues to flourish and grow on the back of economic and tourism momentum.

‘Til next month.

Jason Abbott – Principal

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