Tweed Coast Property Market Update 1st Half of 2023
In Q4 2022, Tweed Coast recorded a median house price of $1,500,000, and a median unit price of $875,000. This represents annual (Q4 2021 – Q4 2022) median price softening of -9.1% for houses and a growth of 4.2% for units. On a quarterly (Q3 – Q4 2022) basis median house prices softened by -3.8%, and units grew at a lower rate of 2.9%. The market is reflective of cash rate hikes, lower consumer confidence, and current economic conditions. Further, Q4 2022 recorded the lowest number of house sales, of 78 sales. There are now new opportunities for buyers ready to enter the market.
Average vendor discounts between Q4 2021 and Q4 2022 have rapidly shifted to a higher discount for house, of -7.0%. It has swung from a premium to a discount for units, of -5.1%. Market conditions in Tweed Coast* have shifted to favour buyers, as vendors are willing to accept below the first listing price. Now is the time to buy.
House rental yields in Tweed Coast¥ was 3.9% in December 2022, on par to Gold Coast Main (also 3.9%). Median house rental price has increased by 2.9% in the 12 months to Q4 2022, whilst the number of houses rented increased by 20.3%. Interestingly median unit rental price remained stable, even though the number of units rented increased by 7.1%. Overall, this suggests a resilient rental market in Tweed Coast¥, thus an attractive option for investors.
4+ bedroom houses have provided investors with +15.8% rental growth annually, with a median rent of $1,100 per week.
Tweed Coast¥ recorded a vacancy rate of 1.8% in December 2022, above that of Tweed Shire (1.4%) and Gold Coast Main (0.6%). Vacancy rates in Tweed Coast¥ saw a slight uptick in late 2022, due to the number of investors capitalising on a tight rental market. That said, vacancy rates remain below pre-COVID-19 levels. This suggests a conducive and sustainable environment for investors, especially now with the slower growth in median property sale prices in the past 12 months.
