SEP 2010
METRICON’S $23 million Riva Vue development in Murwillumbah has experienced a recent sales rush of 51 blocks amassing more than $10 million.
The dominant buyers’ market is being driven from the Murwillumbah and Tweed regions with more than 50 per cent of the product now sold. There are 45 blocks remaining.
More than 95 per cent of all enquiries through the sales office have originated from the local market including areas as far south as Byron Bay and as far north as the Gold Coast.
Marketing agent Lance Cotterill of North Estate Agents attributes the sales to an entry level on par with the cost of buying existing older home in the region.
“Local investors seem to be majority buyers at the moment recognising the strong value of purchasing a block of land and enjoying instant equity through building a new property,” he says.
“Riva Vue is the perfect investment opportunity set to reap capital returns in the future, with the Tweed region experiencing rapid growth and Riva Vue being the closest new subdivision to the thriving Murwillumbah CBD.
“We have experienced many enquiries from the community, with local residents looking to upgrade to a new home in a modern development, yet still be located within the idyllic surroundings of Murwillumbah alongside the Rous River.”
Cotterill says the opening of the Tugun Bypass has also increased the number of enquiries from north of the border.
“As travel times are reduced Murwillumbah has become more accessible and convenient to those working in South East Queensland,” he says.
Located off Barnby Street, Murwillumbah, in far north NSW, the estate covers 24.5ha in the heart of the Tweed Valley.
Prices start from $165,000, or $345,000 for a house and land package.
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