Tweed Heads PRD Market Update 1st Half of 2020
Tweed Heads recorded a median house price of $670,000 and a median unit price of $430,000 in Q4 2019. This represents annual (Q4 2018 – Q4 2019) median price growth of 2.1% for houses and a slight softening of -0.8% for units. Between Q4 2018 – Q4 2019, total sales increased by 11.1% (to 339 sales) for houses and by 21.4% (to 250 sales) for units. Market conditions in Tweed Heads shows clear signs of positivity, with an increase in demand and capital growth. Now is the time to buy and/or sell in Tweed Heads.
Average vendor discounting between Q4 2018 and Q4 2019 has tightened to -4.3% for house and -4.3% for units. There is a slight shift towards favouring vendors, where buyers need to negotiate closer to the initial listing price. Demand is starting to increase with the current low interest rates and lenient access to finance.
House rental yields in Tweed Heads (Postcode 2485) were recorded at 4.2% in December 2019, on par with Tweed Shire LGA (4.2%) but above Gold Coast Main LGA (4.1%). This suggests that the rental market is at a healthy position where investors are achieving great investment returns. Over the 12 months to Q4 2019 house rental median price slightly softened by -0.9% to $565 per week, followed by unit rental median price growth by 2.4% to $430 per week respectively.
3-bedroom houses have provided investors with +4.0% rental growth annually, resulting in a median rent of $520 per week.
Tweed Heads (Postcode 2485) recorded an extremely low vacancy rate of 0.8% in December 2019, much lower than Tweed Shire LGA (2.2%) and Gold Coast Main LGA (2.3%). There is a higher rental demand in Tweed Heads (Postcode 2485), which provides investors with confidence.