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Local market performing better than most!
The latest report from Residex on February Data, describes not only a slowdown across the nation for real estate growth but in most parts a negative growth. Although it is generally the trend for February to have lower growth and sales numbers, the latest results were very surprising.
The report suggests a number of factors contributing to these results could be restricted access to finance and sluggish economic performance, which in turn affects purchasing power and the confidence of buyers.
Of the 32 major housing markets analysed, 18 of those showed a negative growth rate and of those which were positive most were at a rate of 1% or less.
Locally we have seen the result to be a little more positive with the overall median price of property sales being higher than the same time last year by 3.3%. In particular, the unit market in Banora Point has seen the highest median price on record for 12 months with a result of $427,500.
Other suburbs such as South Tweed Heads and Bilambil Heights are also showing strong signs of consistent growth over the long term in, not only sales price and number, but also in rental prices.
The Tweed market is still seen as a great place to buy for many home hunters in comparison to other destinations as it represents excellent value for money. As other markets around the nation cool the Tweed area will continue to grow, as we have historically, due to our attractive natural resources, access to all major infrastructure and of course our enviable lifestyle.