Tweed unit prices on the up

TWEED's unit values are improving at a faster rate than those in the nation's capital cities.

TWEED’s unit values are improving at a faster rate than those in the nation’s capital cities.

A new report from RP Data shows a 13.9 per cent increase in Tweed unit values in the year ending June, while big city units are only up 11.4 per cent.

It trumped the Gold Coast market, which suffered a drop of 0.9 per cent in the same period.

However, the shire is lagging in the housing department, with property value growth of just 1.1 per cent in 12 months.

This compares to the 10.5 per cent experienced in the capital city property values.

The Gold Coast market only improved by 3 per cent.

Overall, the report found house values in regional areas increased by an average of 5.1 per cent.

RP Data research analyst Cameron Kusher said for the past 10 years house prices in coastal markets had typically grown strongly, but price growth over the past 12 months had been much less impressive.

“While in recent times the capital city residential property markets recorded stronger levels of property value growth, the flow-on effect has not been reflected in some coastal regions,” Mr Kusher said.

“Nationally, rental growth has been minimal since the onset of the Global Financial Crisis and most of the coastal markets have reflected this.

North Estate Agents principal Mark Humphries said he was not surprised by the Tweed’s housing figures.

“That’s starting to turn around now though, it’s very encouraging,” Mr Humphries said.

“We’re seeing a lot of buyers coming out of the woodwork.

“A lot of new land packages are being released around the shire.”

According to the report, the median house price in Tweed was $455,000 and the median rent was $390.

In units, the average price was $376,000 and the rent was $320.

On the Gold Coast the median price for a house was $515,000 with rent at $430.

Unit prices were $371,750 with rentals at $350.

Originally published as Tweed unit prices on the up