Tweed Coast Property Outlook
Market ANALYSIS
Knight Frank Partner and Head of Residential Valuation & Advisory South East Queensland Matthew Ryan explores the growth and opportunities in the Tweed Coast real estate market.
As the sun-drenched shores of the Tweed Coast continue to captivate residents and investors alike, the local property market is gearing up for another promising year in 2024.
A harmonious blend of natural allure and robust economic factors sets the stage for a real estate landscape that remains not only desirable but also inherently sound.
The year 2023 saw record net overseas migration, a tight rental market, low unemployment, a stable cash rate, and commendable equity gains for homeowners in key areas like Kingscliff, Casuarina, and Cabarita/Bogangar. Anticipating a ripple effect into 2024, these factors collectively contribute to the forecast of healthy market conditions.
“While there are no guarantees in the ever-evolving real estate alandscape, our analysis points toward sustained demand and price growth in these Tweed Coast areas throughout 2024.”
In terms of median value growth for houses, Bogangar takes the lead with an impressive 8.9% surge, reaching a median value of $1,290,249. Cabarita Beach recorded a slight decrease of -0.7%, bringing its median value to $1,425,420, however this was based on a very low sales volume of three sales, which is not surprising given the relatively low number of properties in Cabarita Beach. Meanwhile, Kingscliff and Casuarina experienced growth rates of 3.1% and 2.1%, reaching median values of $1,698,663 and $2,066,253, respectively. While we expect house prices to continue ascending in 2024, the pace of growth is poised to be more measured compared to the improvement of 2023.
Cabarita Beach leads the charge in relation to unit values, with a remarkable 8.8% increase, bringing its median value to $893,190. Bogangar, Kingscliff, and Casuarina follow with growth rates ranging from 2.3% to 3.6%. The upward trajectory in unit prices is expected to persist in 2024, albeit at a more tempered pace.
Bogangar has an average ownership tenure of 11.5 years, and it is evident that this locale is tightly held. In contrast, Kingscliff, Casuarina and Cabarita Beach showcase ownership tenures of 9.3 years, 7.7 years, and 6.9 years respectively.
With approximately 7,650 dwellings across these locations, the current market reveals that 6% (465) are listed for sale. While this may seem substantial, demand remains. Bogangar boasts a short average time on the market of just 39 days, with units at 55 days. Casuarina, slightly softer, records 63 days for a house and 49 days for a unit. Kingscliff, with a more extensive housing inventory, provides buyers with greater options, averaging 69 days for a house and 71 days for a unit.
While there are no guarantees in the ever-evolving real estate landscape, our analysis points toward sustained demand and price growth in these Tweed Coast areas throughout 2024.
To get in touch with Matthew Ryan from Knight Frank call (07) 3002 8200.
