Port Douglas property: Marina development to strengthen market
REAL ESTATE
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RESPECTED Ray White realtor, Mark Flinn, believes the real estate market will be strengthened when the recently-announced multi-million dollar expansion of the Reef Marina gets underway in 2018.
The Sales Manager and Licensee of Ray White’s Macrossan Street office, who was recently selected to the A List of Queensland realtors, says there can only be positive signs emerging from the most recent news.
“The market was already showing signs of more positivity when the initial Reef Marina development was approved by Council earlier this year. And now with its new owners and their plans, I believe that this will further strengthen the market as the construction begins.
“Based on my experience, a development of this scale can have some fantastic flow on effects for the local market, especially for a town of this size.
“Building requires manpower which drives up the local rental market demand from all the workers coming to town, which then assists in further lifting property values. I am positive and hopeful that the buoyant market will continue in the future,” said Flinn in an interview with Newsport.
The Port Douglas marina will now be known as the Crystalbrook Superyacht Marina and becomes billionaire developer Ghassan Aboud’s fourth major investment in Far North Queensland.
His tourism and hospitality group will now pour at least another $100 million into the precinct to build a 100-room luxury waterfront hotel, 50 premium apartments and enhanced retail and dining areas.
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Flinn, meanwhile, has an overall positive attitude about the market.
“A strong reflection of how well the market is doing is the fact that I have just achieved my best two years in the industry, in terms of turnover and the amount of properties I have sold,” he said.
“Having worked through the highs and lows of the global financial crisis (GFC), I have certainly seen a lot of change in the market over a long period of time and think this only strengthens my skills through navigating property sales.
“A big driver of our local market is tourism and its continual growth is assisting the local real estate market to increase in value, as we have seen really good occupancies in the apartment and private house rental market, and also nightly rates increase with the level of demand increasing.
“We are also seeing the positivity in buyers with the buoyancy and popularity of the airbnb market etc, and some of the returns that owners are getting are from 5-7% net, which is considered to be a good return across the board: levels which would not have been seen four to five years ago,” said Flinn.
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