THE $750 million Salt Village on the Tweed Coast is another step towards completion with 60 lots sold in just over eight months for a total of almost $17 million.
Over the past six months, the 37 creekside residential land lots in Stage 6 of the Kingscliff development have been snapped up by buyers for a total of just under $10 million, with an average price of $268,000 per lot.
In addition, the final 23 lots in the beachside stages 5a and 8 went for a total of almost $7 million at an average of $303,000 per home site.
The sales were negotiated by Colliers International and Ray Real Estate, working as joint agents on behalf of receivers Bentleys.
Colliers International Gold Coast Residential Project marketing director Tony Holland said the past six months had seen strong demand for land resulting in the highest level of building activity for the past three years.
“We expect that once Stage 6 settles in the coming months, many more homes will start construction and a mini building boom will be in full swing by summer,” he said.
“There will be an amazing amount of construction activity under way this summer, and when people come down for their annual holidays they are certainly going to see that the market is on the move again. This will be in stark contrast to the past three years, where there have been less than a handful of homes under construction at any one time.”
Ray Real Estate director Tom Ray said the resurgence in activity was largely due to price adjustments for the residential lots and the relative affordability of seaside living within the masterplanned Salt Village community compared to what can be found on the Gold Coast.
“Buyers are really seeing value — the pricing is now at a point where it is meeting the market,” he said. “It represents great comparable value and this is attracting a wide audience, particularly with owner-occupiers who were otherwise priced out of the beachside residential market. Our buyers are identifying the value and choosing to secure now to reap future benefits.
“Buyers are also recognising Salt Village and the Tweed Coast as an alternative place to live to the Gold Coast due to the recent upgrades in road and transport infrastructure such as the Tugun Bypass and recently opened Sexton’s Hill Bypass. Tweed residents can now access schools, shopping and employment in Robina, for example, in 20 minutes by car.”
Mr Holland said land prices had adjusted between 35 and 40 per cent.
“Salt Village and the surrounding areas on the northern NSW coast have always been attractive to people, but now they are just at a really super affordable level,” he said.
“We expect to see growing demand for property in the area with a raft of new grants and revised stamp duty exemptions and rebates now available to all home buyers in NSW, the most significant being an increase in grants and stamp duty benefits available to first home owners, as well as the $5000 stamp duty rebate to the wider market.”
Mr Ray said Salt Village was almost complete, and with only three small parcels of undeveloped land remaining.
“Already there are a number of enquiries for the next land release that we expect to be put to the market in the next few months,” he said.
