THE PRICE IS RIGHT?
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.”