Prop­erty mar­ket on the up

Port Douglas & Mossman Gazette - - REAL ESTATE -

THE prop­erty mar­ket in the Dou­glas re­gion is show­ing strong signs of re­cov­ery.

Sur­round­ing ar­eas such as Moss­man and Cooya Beach have sta­bilised, with indi­ca­tions they’re start­ing to move.

Cairns-based Her­ron, Todd and White Re­search Di­rec­tor Ric Carr be­lieves the mar­ket has bot­tomed out, although up­ward move­ment in prices is still some 12 to 18 months away.

Mr Carr be­lieves it is still very much a buy­ers mar­ket, although as prop­er­ties are sold, ven­dors who have been hold­ing off putting their prop­er­ties on the mar­ket will be en­cour­aged to take the plunge.

‘‘For places such as Port Dou­glas and the sur­round­ing ar­eas, there is a def­i­nite cor­re­la­tion be­tween the resur­gance of the tourist in­dus­try and in­creas­ing num­bers of vis­i­tors and the hous­ing mar­ket,’’ Mr Carr said.

‘‘As well the pos­i­tive eco­nomic fun­da­men­tals are start­ing to fil­ter tho­rugh to the prop­erty mar­ket.

‘‘While Port Dou­glas is start­ing to move, it will take a lit­tle while for the rip­ple ef­fect to flow to ar­eas such as Cooya Beach and Moss­man.’’

Real Es­tate Agents in Port Dou­glas agree the mar­ket is much more bouyant.

McGrath Real Es­tate co- prin­ci­pal Cal­lum Jones said the signs are good for the re­main­der of the year and into the fu­ture.

‘‘Stock that has been on the mar­ket for some time, par­tic­u­larly in the lower range, is sell­ing,’’ Mr Jones said.

‘‘There’s also been very strong ac­tiv­ity in the com­mer­cial sec­tor.’’

Port Dou­glas LJ Hooker prin­ci­pal Michael Sam­son also be­lieved the mar­ket has bot­tomed out and Port was head­ing for bet­ter times.

‘‘ Hous­ing sales are strong, and we’ve seen a marked lift in busi­ness con­fi­dence, with the com­pany ex­pe­ri­enc­ing strong leas­ing ac­tiv­ity,’’ Mr Sam­son said.

‘‘An in­crease in hous­ing ren­tal ac­tiv­ity is a fur­ther in­di­ca­tor, with va­cancy rates the low­est they have been in three or four years.’’

Low in­ter­est rates are be­lieved to have boosted the in­quiry rate, and agen­cies are gear­ing up for a bouyant tourist sea­son ahead

STRONG SIGNS: prop­erety mar­kets is dis­play­ing signs of re­cov­ery

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