Tweed Coast Property Market Update 2nd Half 2024
Experience the relaxed coastal lifestyle on the Tweed Coast, where stunning beaches and a close-knit community await. This picturesque region in New South Wales offers a perfect blend of natural beauty and modern conveniences, making it an ideal place to call home.
Property Trends
In Q2 2024, Tweed Coast recorded a median house price of $1,850,000, and a median unit price of $950,000. Annually (Q2 2023 – Q2 2024), this represents a relatively stable price growth for houses and a 13.8% price growth for units. Comparing Q2 2023 and Q2 2024, total sales surged by 36.4% for houses (to 60 sales in Q2 2024) and by 4.0% for units (to 52 sales in Q2 2024). This indicates higher demand and a more competitive market, especially for units, creating favourable conditions for owners. The current stability in the median house price creates a potential opportunity for buyers.
Project Development
Tweed Coast will see approximately $146.3M of new projects commencing in the 2nd half of 2024, supplying 42 units/apartments, 3 townhouses, and 4,500 dwellings to the market. That said, the 4,500-dwelling project is not expected to be completed until mid-2030, thus it is a long-term wait. In the short-term, ready-to-sell stand-alone houses will remain undersupplied in Tweed Coast, pushing up house prices.
Rental Market & Growth
House rental yields in Tweed Coast was 4.3% as of July 2024, higher than Tweed Shire LGA (3.5%) and Gold Coast Main (3.2%). Further, median house rental price increased by 11.1% in the past 12 months to Q2 2024, to $1,000 per week, and the number of houses rented declined by -28.1% (to 41 houses). The unit rental market shows a similar pattern, which indicates an undersupplied and resilient rental market for both property types in Tweed Coast. This is good news for investors.
Vacancy Rates & Property Investment
Tweed Coast recorded a vacancy rate of 2.3% in July 2024, above the Tweed Shire LGA average (1.5%) and Gold Coast Main (1.7%). Vacancy rates decreased between mid-2023 – Jan 2024, due to an increase in rental demand. However, it has notably increased for the past 6 months due to investors re-entering the market. That said, a 2.3% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, thus quicker occupancy of rental properties in Tweed Coast. Overall, this suggests a sustainable and conducive environment for investors.
