Vibrant coast bucks real estate trends
By TOBY WALKER
TALK of interest rate rises might have put the brakes on the real estate market nationally, but the sale of two prized properties in Yamba and Angourie this week showed the area is still attracting major interest from buyers.
It has been a good week for Yamba agent Mike Macqueen First National Real Estate after it closed a deal on 'Allawah', a historic timber cottage nestled on a 632 square-metre Clarence Street block with majestic ocean views. The property had been the subject of an extensive national marketing campaign and was expected to fetch close to $2million.
If that hadn't made principal Mike Macqueen's week, then news that a deal on a 639 sqm property at Pacific Street, Angourie, had been finalised, certainly did.
Mr Macqueen declined to disclose the sale price of each property or the identity of the buyers, but he was impressed at the high level of interest each had received in the relatively short time they were on the market. He did confirm Allawah would continue to remain an investment property with no immediate plans for re-development, while the Pacific Street block, previously owned by a Sydney-based investor, would eventually have a home built on it.
Mr Macqueen said Yamba and Angourie's twin appeal to families and investors had helped to sustain a vibrant market in their corner of the Clarence Valley.
"I think Yamba is unique in the sense that's it's not a Byron Bay or a Noosa," he said.
"It certainly hasn't lost its appeal for the family ... and it's attractive to the investor who wants develop or purchase with the intent to renting, so at the end of the day Yamba has proved itself to be somewhere that people want to invest their capital."