Property market on the up
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