Auc­tions yield mixed re­sults

Port Douglas & Mossman Gazette - - BUSINESS -

THE prop­erty mar­ket in Port Dou­glas is alive and kick­ing de­spite in­vestors fac­ing tougher eco­nomic times in years gone by.

Ray White Four Mile has re­ported that al­most 50 per­cent of the 14 prop­er­ties it put up for auc­tion last Satur­day sold ei­ther be­fore, dur­ing or af­ter the auc­tion for a to­tal of $3.5mil­lion and is ex­pec­tat­ing that two more will be sold by the end of the week.

How­ever, sales are patchy and while “Pink” Real Es­tate sold two of the six prop­er­ties it of­fered at auc­tion on the week­end, one be­ing the Bale de­vel­op­ment site at the bar­gain base­ment price of $750,000 and the other a small house in Ti Tree Street which went for $420,000, Raine and Horne re­ported no sales un­der the ham­mer at its auc­tion but prin­ci­pal David Cot­ton said that there was def­i­nitely in­creased in­ter­est in the mar­ket.

Cairns’ agents have been chalk­ing up record sales vol­umes in the first quar­ter of this year for low-priced units mainly in the in­ner city, how­ever, the mar­ket in Port Dou­glas has been more sub­dued a re­cent re­port by PRD Na­tion­wide has re­vealed.

Although only 14 units sold in Port Dou­glas, in De­cem­ber 2011, mak­ing it the qui­etest of all the beach towns the re­port looked at, the me­dian price rose by 14.8 per­cent dur­ing the past year in what was de­scribed as an “ad­mirable per­for­mance”.

“Peo­ple are cashed up and look­ing for prop­erty,” Ray White prin­ci­pal Alan Cross­man said.

“When sellers are pre­pared to come down to the mar­ket their prop­er­ties are sell­ing.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.