Housing market heats up: Quick sales and lots of interest

Low interest rates are driving a surge in house sales on the Tweed.
Low interest rates are driving a surge in house sales on the Tweed. Brett Wortman

A BOOMING property market in the Tweed is resulting in increased buyer interest and quicker sales, with one home selling just three hours after it went on the market.

We spoke with seven of the area's real estate agents and the message was clear; there has never been a better time to buy or sell.

"With interest rates at an all time low and with all the pent-up demand I believe now is the time to strike," Elders Real Estate Cabarita Beach principal Mark Howlett said.

"I do think the next price change will be up."

First National Tweed City principal Paul Charlton said sales had increased 25% since last year and he was seeing an increased number of investors looking for a bargain.

"We had a Banora Point property sell within three hours of going on the market and $10,000 above list price" he said.

"It definitely surprised us...that would be one of our quickest sales. The owners were over the moon, they had no open houses and no marketing expenses."

Harcourts Murwillumbah principal Peter Reading said sales were up 50% since last year and rising.

"There's a pent up demand because it's been quiet the last three or four years and prices have now stabilised," he said.

Ray White Tweed Heads selling principal Michael Smith said there was more confidence in the market and it was "heading in the right direction".

Century 21 On the Border principal Peter Swift said low interest rates and a change of federal government were creating interest in the market. He sold one Tugun home the day after it went on the market.

DJ Stringer principal David Stringer said he had a 62% increase in sales since last year.

"The recent election results have sparked a renewed vigour in the property market from investors buoyed by a strong rental market, while the younger demographic are looking to break out of the rental cycle with interest rates at their lowest point in years," he said.

Rainbow Bay Realty principal Lenny McLennan said sales were on the up due to a competitive market and low interest rates.

"We've waited out the bad spell, the volume of sales is going up and the prices have come back to where it's affordable," he said.

All of the agents were adamant prices would rise from current levels.

Topics:  housing property insider

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