Tweed Coast property an attractive option for investors: PRDnationwide
The Tweed Coast property market is emerging as an attractive option for homebuyers and investors alike, offering higher annual growths for dwellings and solid rental yields, according to new data released by PRDnationwide.
Median sales price in the Tweed Shire region has seen an annual price rise of 13.4 percent and 6.7 percent for houses and units, respectively.
Home sellers enjoyed an average sale price of $584,500; whilst units received an average of $395,000.
The northern New South Wales area is renowned for its coastline, farmland and scenery and provides an ideal destination for holidays, and comes matched with a booming tourism industry.
A four bedroom home at 76 Botanical Cct in nearby Banora Point (below) has been listed for $675,000.
The report noted the competitive real estate market is also complemented by strong economic growth opportunities through the development of infrastructure and commercial projects.
Anticipated projects being rolled out during the first half of 2017 have been valued at a total of $33.8M. Kingscliff Foreshore Revitalisation is the main infrastructure project, which commenced construction in February 2017.
The average amount of days that Tweed Coast properties are on the market has fluctuated over the past twelve months, sitting at 72 days for house and 51 days for units during the final quarter of 2016.
Similarly, a four bedroom home at 5 Mugga Way Tweed Heads (above) sold for $643,000.
Median weekly rents have also been on an upward swing since the beginning of 2016, and currently sits at $598 for houses and $440 for units. The area recorded a low vacancy rate of 1.1%, plus rental yields of 4.2% for houses and 5.0% for units.
Interest in Tweed Coast area property market is recorded at 527 online visits per property, compared to the average of 716 visits per property in New South Wales.