THE PRICE IS RIGHT?

Port Douglas & Mossman Gazette - - FRONT PAGE - AN­GELIQUE PAT­TER­SON

REAL es­tate prices in the Dou­glas re­gion are sta­bil­is­ing and en­quiries are in­creas­ing, agents say.

A re­cent re­port by the Real Es­tate In­sti­tute of Queens­land found the me­dian sales price in Port Dou­glas had dropped by -1.9 per cent in 12 months.

Tony McGrath Real Es­tate prin­ci­pal Tony McGrath said prices had de­clined dur­ing the past two years and with the mar­ket in the process of sta­bil­is­ing, now is the time to buy.

“It is more like 10 to 12 per cent over the last cou­ple of years,” Mr McGrath said. “How­ever, mar­ket lev­els are close to what you could call nor­mal, it will take a lot of ac­tion to move prices up­wards but if you want to buy some­thing this is the time to do it.”

In a pos­i­tive sign for the sec­tor, there have been an in­creas­ing num­ber of en­quiries about Dou­glas real es­tate.

“This fi­nan­cial year, there has def­i­nitely been more ac­tiv­ity in the mar­ket and that’s driven by peo­ple who have taken money out of the stock mar­ket and don’t want to go back,” Mr McGrath said.

“Across the board there are more en­quiries from peo­ple get­ting ready to buy and they want the ab­so­lute bot­tom price and they ne­go­ti­ate hard.’’

“How­ever, (prospec­tive) buy­ers are say­ing if they were ever go­ing to buy any­thing here, the prices are much bet­ter than what they have been and that is true.”

Man­ag­ing di­rec­tor/prin­ci­pal Michael Sam­son of LJ Hooker has also ob­served a hike in en­quiries.

“Buy­ers are see­ing value and that’s why we are busy at the mo­ment – es­pe­cially in­ter­state peo­ple from Sydney, Mel­bourne, Ade­laide and Perth – are see­ing re­ally good value in the Port Dou­glas mar­ket,” Mr Sam­son said.

“It’s got to a point where peo­ple will say the prices are too good not to have a look at it.”

There is sta­bil­ity in the prop­erty mar­ket that the stock mar­ket is not pro­vid­ing for long-term in­vestors, he said.

“Through­out Australia I would say I think peo­ple can see good value prop­erty com­pared to the stock mar­ket fluc­tu­a­tions over the last few months,” Mr Sam­son said.

“The prop­erty mar­ket is more sta­ble, peo­ple are go­ing from shares into bricks and mor­tars again which will be good.

“Now is a very good time to buy, for Port Dou­glas I think the lack of avail­able land and house prices are be­ing re­duced back to a re­al­is­tic area where it is cheaper to buy an ex­ist­ing home than it is to build.”

Tony McGrath agrees that now is a good time to buy.

“There is very lit­tle new stock be­ing pro­duced,” Mr McGrath said.

‘‘If the town continues to grow, the cur­rent stock level will be re­duced, and I don’t think it’s go­ing to get cheaper.

“At the mo­ment it is the right time to get into the mar­ket while it is sta­ble be­cause if it doesn’t get cheaper, at some stage it’s go­ing to get dearer.

“The mar­ket is ready to go up, and you won’t even know un­til it has gone up and you will pay more.

“Septem­ber will be a big month for the town be­cause gen­er­ally in Septem­ber that is when the big money from down south is com­ing.”

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