Buyers Warm To North Coast Waterfronts

Sydney Morning Herald

Wednesday August 15, 2001

Paul Coombes.

Brisbane buyers are driving prices up between Brisbane and Sydney, writes Paul Coombes.

Brisbane buyers of properties on the NSW North Coast say Queensland's Gold Coast and Noosa beaches are too expensive, so they're flying south.

Paul McMahon, franchisee of L. J. Hooker Tweed Heads, says North Coast properties are going into a boom he predicts will continue for 20 years after a long sleep since the last boom in 1989. He says prices have doubled this year and reels off some results: Cabarita Beach, Hastings Point and Pottsville all between $550,000 and $1.3 million. In his opinion the prices have a long way to go because of a shortage of quality stock.

Blocks of land are fetching $700,000, but areas such as Kingscliff are cheaper with three-bedroom homes averaging $250,000 to $300,000, but beach land can reach $600,000.

The new Brisbane highway and Coolangatta Airport are bringing more buyers south, including professionals who will pay $300,000 and more for blocks in Single Point with Tweed River moorings. Paul Deegan, principal of L. J. Hooker Lismore, recommends Evans Head, Iluka and Crescent Head as coastal sleepers. They're about half the price of everything on offer.

Prices in Byron Bay and Yamba can reach $1.5 million, but those areas make up only 5 per cent of the market. Prices at Ballina are also being pushed up by buyers from Sydney and Brisbane. Further back from the coast prices are much lower and good properties are available for about $200,000, although they started the year about $160,000.

After the boom of 1989, Coffs Harbour prices fell between 5 and 10 per cent, but Christine Clarke, principal of Raine & Horne Coffs Harbour, says they are recovering. ``Prices almost doubled this year. Now there's more demand and fewer properties, with pick properties at Sawtell, Diggers Beach, Korora Bay and Sapphire Beach. Most homes are about $500,000, with the top $900,000 and land $375,000," she says.

``A headland hectare sold for $1.7 million and Pacific Bay villas are bringing $450,000 to $600,000. We have the airport, new hospital and university. On the western side of the highway homes 10 minutes from everything bring between $145,000 to $155,000."

Port Macquarie is rapidly shedding its retiree community image for one of being a place for families and young professionals. Steven Newman, principal of Elders Real Estate Port Macquarie, says canal blocks, some with houses, are selling for between $400,000 and $750,000. Houses and marinas are selling from $700,000. Newman's Sydney clients have orders for waterfront houses and blocks starting at $500,000.

``Town houses are $350,000 near water and land at Lighthouse Beach is approaching $500,000; last year it was $300,000," he says. ``Knockdowns 15 years old are selling for $340,000. Villas close to town started at $189,000 and are $235,000, while houses a little further out have moved from $120,000/$140,000 to $180,000/$250,000, and there's a lot of development."

Forster-Tuncurry prices increased by 50 per cent in the past year with waterfronts and land adjoining reserves, when available, fetching $700,000 for knockdowns. Wet blocks (on a canal) on Forster Quays have sold for $650,000. Other wet blocks with houses get $550,000 and dry blocks (near a canal) with houses get $450,000. In other areas places fetch from $350,000, says Peter Colless, principal of L. J. Hooker in Forster and Tuncurry.

Three-bedroom houses without views and not on waterfront sites or adjacent to reserves start from $240,000, up from $200,000 a year ago. Not many units have been built, but investors are looking for them.