Tweed Heads Property Market Update 2nd Half 2024
In Tweed Heads, New South Wales, you can enjoy the perfect blend of coastal living and city convenience, with beautiful beaches and vibrant amenities at your doorstep. Its close proximity to both the Gold Coast and Byron Bay makes Tweed Heads an ideal location for a balanced lifestyle.
Property Trends
In Q2 2024, Tweed Heads recorded a median house price of $1,075,000 and a median unit price of $760,000. This represents annual (Q2 2023 – Q2 2024) growth of 10.3% for houses and 5.6% for units. Comparing Q2 2023 and Q2 2024, total sales increased by 6.0% for houses (to 351 sales in Q2 2024), and by 17.9% for units (to 257 sales in Q2 2024). There is high demand in Tweed Heads, which created a buffer against higher interest rates. This is evident through the price growth in the past 12 months and 3 months, thus an ideal time for owners to capitalize on their investments. With no new stand-alone houses planned, home buyers should act fast before more price growth occurs.
Project Development
Tweed Heads will see approximately $216.5M of new projects commencing in the 2nd half of 2024. There are still no new ready-to-sell houses planned in the short term, which indicates the housing undersupply will remain. This suggests further price growth.
Rental Market & Growth
House rental yields in Tweed Heads was 4.2% as of July 2024, higher than Tweed Shire LGA (3.5%) and Gold Coast Main (3.2%). This was supported by a 3.4% annual growth in median house rental price, now at $750 per week (as of Q2 2024) and a stable number of houses rented. This indicates a resilient house rental market. The unit rental market experienced a 9.2% growth in median rental price and a -23.3% drop in the number of rentals, suggesting an undersupply. Both rental markets are beneficial for investors, despite a higher median sale price in Q2 2024.
Vacancy Rates & Property Investment
Tweed Heads recorded a vacancy rate of 1.3% in July 2024, lower than Tweed Shire LGA average (1.5%) and Gold Coast Main (1.7%). Vacancy rates have increased in the past 12 months, due to investors re-entering the market. However, a 1.3% vacancy rate is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This indicates a quicker occupancy of rental properties in Tweed Heads, confirming a conducive and sustainable environment for investors.
