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Market Update - August 2010

New location

As you’re aware, our office has relocated to a great new location at 31 Bay Street, Tweed Heads.

Since the redevelopment of Marine Parade at Coolangatta, the exposure of Griffith Street has diminished and the move was initiated by the planned revitalisation of Bay Street, including major streetscaping and more intense development.

Local Market Update

At the beginning of 2010, there was greater confidence in the property market. The impact of four interest rate rises, the Federal election being called, and various political issues including the proposed mining tax, have all led to a deflation in general market confidence.

Information recently made available by RP Data details the performance of Australia’s property market against several other countries. According to the report, Australia’s market peaked in February 2008, with values down 3.9% from peak to trough, while in New Zealand, the market peaked in January 2008, with valued down 10.6% from peak to trough. In the UK, the market peaked in August 2007, with values down 29.1% from peak to trough while in the US, their market peaked in September 2005 and values dropped 38.8% from peak to trough. By comparison, the Australian market has fared quite well.

During the past few months, our office has secured several top-end sales, including: A beachfront property at Fingal Head for $1,920,000; an older-style block of flats at Rainbow Bay for $1,300,000; and a waterfront home in Endless Summer for $1,155,000.

Over the past six months, the sharemarket has experienced volatility, with some investors now cashing in their stocks. Investors seeking security and stability would be advised to look carefully at investing in bricks and mortar.

Apartments website keeps you up to date

Be sure you visit our new additional website www.southerngoldcoastapartments.com.au, which promotes the lifestyle of coastal living between Bilinga and Tweed Heads. The site also provides the only comprehensive information base of all major apartment buildings in the area, detailing unit sales and floor plans for those buildings.

With beachfront apartments currently offering great value, now is the time to log on and find out what’s happening.

If you'd like to find out what your property may be worth on today's market, call us on 07 5536 2744. One of our friendly team members will be happy to assist.