While the property market on the Tweed and southern Gold Coast is the best I’ve seen it in eight years, the limited supply of new houses and apartments across the region looks unlikely to change any time soon.
The latest data from PRDNationwide Research reveals that there are only a few residential projects on the development horizon for the Tweed region in the short to medium term, as strong demand puts upward pressure on prices and the rental market tightens.
PRDNationwide’s development map for the Tweed Shire Region shows just there’s just four apartment or townhouse projects that are either under way or scheduled to start in 2017.
The most significant of these are the Fraser Cove Villas with 45 townhouses and a nine-storey apartment building comprising of 40 units earmarked for Florence Street in the Tweed Heads CBD.
Both projects are expected to start mid-year with completion due in late 2018 or early 2019.
On the housing front, the massive Cobaki and Kings Forest residential communities are still at the planning phase and any other new residential land that comes to the market is selling very quickly after its release.
Just over the border, we have The Iconic luxury apartment tower (98 units) under construction at Kirra and a proposal for the 29-level Hotel Komune that will incorporate 94 apartments overlooking Greenmount Beach.
The Iconic is reportedly close to a sell-out and the Greenmount tower is some time away and being beachfront, is more likely to be a luxury product, so there’s very little joy out there for the so-called ‘mum and dad’ investors looking for new apartments.
On the flipside, it’s pretty safe to say that this market is in no imminent danger of a housing or apartment glut.
Jason Abbott – PRDnationwide Coolangatta/Tweed