Demand for Tweed Shire properties remain strong in the time of coronavirus pandemic: HTW residential
The biggest driver for people buying in the Tweed region is lifestyle choice, according to a recent Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
"Most buyers we are seeing across the shire are owner-occupiers or people purchasing a weekender," the valuation firm said.
The region does not have a lot of local employment or major industry and it is becoming more common that people are relocating from Sydney, Melbourne, Brisbane and the Gold Coast and working from home or flying or driving during the week if need be to work in the cities.
There are also people relocating from the Byron Shire to the Tweed Shire as affordability in the Byron Shire is at record high levels. This is particularly the case for the towns along the coast or rural residential properties east of Murwillumbah, the report noted.
"Price points are particularly strong in the coastal towns due to lack of stock available. This in turn is pushing up property prices and even with all the doom and gloom of the Coronavirus, agents are advising that demand is quite strong," the valuation firm said.
It doesn’t seem to matter what type of property buyers are purchasing in the coastal towns; location is more important to buyers, the report noted.
"Price points in Murwillumbah are strong for older dwellings as buyers want character dwellings close to town. The modern dwellings located in the estates on the outskirts of town are becoming a harder sell for agents and the market is seeing a flood of this property type with little movement," the valuation firm said.
A five bedroom family home in Murwillumbah has been recently sold for $520,500.
The 11 Thompson Street house (pictured below) was offered for sale for the first time in 52 years.
It features light filled kitchen area, enclosed sunroom, utility room workshop area and fully-fenced backyard.
"First home buyers are looking to duplexes in Banora Point or go further inland to Murwillumbah to get a foot in the market since these dwelling types are at the cheaper end of the market and still priced under $500,000."
A current listing is a Banora Point three bedroom duplex priced at $500,000.
The 2/3 Grassmere Court home (pictured below) comes with renovated kitchen, light-filled living areas, and double garage.
It also features ceiling fans, timber-look laminate flooring and outdoor entertaining area.
