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The December/January period has continued to see excellent buyer enquiry set against dwindling listing stock levels. Prices have firmed with marginal level of increases continuing although the majority of sale prices achieved are still well below 2007 levels.
Development activity in the area has finally improved although it is limited at this stage primarily to smaller developments. There are three high rise developments under construction in the area, namely: a high-rise in Marine Parade, Coolangatta, opposite Coolangatta Surf Club, which has been pre-sold to Chinese investors; Kirra Pure on Musgrave Street, Kirra; and Serene Living on Florence Street, Tweed Heads
Auctions are becoming more prevalent in the area so the market continues to adjust to stronger enquiry levels.
The rental market, overall, is improving with vacancy rates relatively low. After a period of reduction in the amount of rent achieved we are now seeing a gradual increase.
I am a regular reader of Michael Matuzik’s blog. He recently posted this interesting blog regarding House Prices:
“House prices have been rising.But the rises are not uniform across the country. The current recovery is against a period of relative weakness in house prices.
“The housing market in Australia is quite cyclical, influenced by broad economic factors & in particular the cost & availability of money.Low interest rates & easier credit access could drive the current cycle too high.
“At present, price levels (outside of Sydney, Melbourne & to some degree Perth) whilst above those in the US & Europe, are at the upper end, not beyond, the range of price to income ratios for developed countries.At present, arrears rates on housing loans remain relatively low in Australia.
“The statistic show that:
As always, if you wish to discuss your property, specifically, please feel free to call our office and speak with one of our Property Consultants.