Auctions yield mixed results
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.”