Real Estate sales rise in wet

Friday 23 March 2012

Real Estate sales rise in wet

Consumer confidence appears to be returning to the Port Douglas real estate market following a marked increase in sales during the wet season.

Local real estate agents say reduced prices have resulted in local buyers returning to the market, while interstate investors snap up deals, some sight-unseen.

Michael Samson, Managing Director of LJ Hooker Port Douglas, said his office had enjoyed a positive start to the year after a disappointing end to 2011, recording their highest February sales in six years.

“Locals are again back in the market, looking to buy for themselves and also invest in local property,” he said. “This is a very positive sign of confidence in the area.”

Despite far north Queensland experiencing a higher fall in median house prices than the nationally average, Mr Samson said the reduced prices and steady interest rates still provided a buyers’ market.

“A common theme we hear everyday from interstate visitors and locals alike is that they have never seen a better opportunity to buy property in the region,” he said.

“Prices are down, as are interest rates, so conditions are favourable to purchase.”

Ray White Port Douglas senior sales agent, Carline Yarr, also said local buyers had taken advantage of the quieter wet season to snap up bargains.

“Locals have been active this wet season, whether upgrading for themselves or investing,” she said.

“Prices are so good at the moment that I’m also selling properties over the phone to interstate investors who are doing due diligence and arranging building inspections remotely.

“We’ve had a strong off-season as a lot of astute investors look around while holiday-let properties are vacant in the wet season.”

Ms Yarr attributed online marketing as one of the key markers in the increase of sales in all price ranges. 

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