Land val­ues sta­bilise as prop­erty mar­ket picks up

Port Douglas & Mossman Gazette - - NEWS - Rod Kil­ner

RES­I­DEN­TIAL land val­ues in the Dou­glas re­gion have gen­er­ally sta­bilised fol­low­ing sev­eral years of de­cline.

THE Val­uer-Gen­eral’s 2013 Prop­erty Mar­ket Report, on which rates move­ments are partly based, was re­leased yes­ter­day.

Val­ues have fallen in the past 12 months where the sup­ply of land is still greater than de­mand such as Wonga Beach and Thorn­ton Beach that have both dropped by 9.6 per cent, while there have been some mar­ket cor­rec­tions north of the Dain­tree River.

But for the rest of the re­gion, val­u­a­tions have re­mained the same as those in 2012.

The com­mer­cial, in­dus­trial and multi-unit mar­kets have also ex­pe­ri­enced a lev­el­ling in the mar­ket in Port Dou­glas.

Val­ues in ar­eas such as Cape Tribu­a­tion, prompted by low vis­i­tor num­bers and dif­fi­cult trad­ing con­di­tions that have af­fected the vi­a­bil­ity of some com­mer­cial prop­erty, have been re­duced.

Raine and Horne prin­ci­pal David Cot­ton said that while the prop­erty mar­ket is start­ing to turn, the val­u­a­tions don’t come as a huge sur­prise.

‘‘ How­ever based on ac­tiv­ity in 2012 I thought land val­ues may have dropped by about 5 per­cent,’’ Mr Cot­ton said.

‘‘There has been in­creased ac­tiv­ity over the past six months, although that has been price driven.’’

Ray White prin­ci­pal Alan Crossman be­lieves the val­u­a­tions are a rea­son­able re­flec­tion of the curent sit­u­a­tion in the area.

‘‘But I be­lieve the land val­u­a­tions are lag­ging a lit­tle be­hind the cur­rent sit­u­a­tion, with real es­tate coming back into fash­ion,’’ Mr Crossman said.

Both Mr Cot­ton and Mr Crossman agree the resur­gance of the tourism mar­ket will fur­ther en­hance the re­cov­ery in the hous­ing mar­ket.

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