Units sell for a bargain

OWNING a slice of the Tweed for less than $200,000 was a pipe dream 12 months ago, but is now a reality for fast-acting buyers

OWNING a slice of the Tweed for less than $200,000 was a pipe dream 12 months ago, but is now a reality for fast-acting buyers, with a number of units and homes in the shire now listed for less than that amount.

Professionals Coolangatta/Tweed agent John Cook said the lower prices had not been seen on the Tweed for years, with properties listed for less than $250,000 being snapped up by owner-occupiers and investors.

The agent last week placed a simple two-bedroom, one- bedroom and garage unit in Kennedy Drive, Tweed Heads West under contract for sale, with the property fetching “within a whisker” of its $199,000 asking price.

“The property was on the market for about six weeks and we were surprised it took that long,” said Mr Cook, who has worked for 20 years on the Tweed.

“We have not had any listings for under $200,000 for quite a few years, definitely before the 2007 boom when property prices in the area increased by 15 per cent.

“When interest rates go down, the market normally goes up in price, but because of the global economic crisis a lot of people are predicting the market will stay steady, with about an eight per cent drop on peak prices while the uncertainty continues.”

Research done by the Tweed Daily News on the websitehas revealed more than 20 homes and units listed for sale for less than $200,000 in both coastal and inland locations.

Despite the doom and gloom surrounding the economy and the property market, a large amount of enquiry from first-home buyers as well as investors is leading to a quick sales on the cheaper listings, according to Mr Cook.

“The properties that are listed under the $300,000 mark are being snapped up quickly by first-home buyers, taking advantage of at least $14,000 in government bonuses, as well as the investor who is taking advantage of a buyers' market.”

Some of the properties found on the real estate sales site included:

• A two-bedroom unit in Kennedy Drive for $189,000 and another two-bedroom older-style unit in the same area for $195,000;
• A one-bedroom resort unit at Mantra at Salt Beach for $195,000;
• A three bedroom house on acreage at Tyalgum for $186,000;
• A unique two-bedroom property on acreage outside Uki for $199,000;
• A one-bedroom home on a multiple occupancy development near Uki for $189,000.

The listings come after research revealed high-rise apartments in the Coolangatta and Tweed Heads area defied the economic crisis to sell during 2008 for an average $768,535 - a 7.1 per cent profit on 2007 prices.

But the heat came off apartment sales during 2008, with just 43 high-rise homes trading hands, compared with 106 during 2007, a report by real estate analysts Colliers International revealed.

Three luxury apartment complexes, Niecon's Reflection on the Sea and Reflections Tower Two in Coolangatta and Lindor on Greenmount Beach, had an average resale of $1 million.

Originally published as Units sell for a bargain