Have you been wondering how the local property market fared with the impact of COVID-19? We asked three local experts in the field for an update. Dave Cotton from Raine and Horne Port Douglas, Charlie Madgwick from Raine and Horne Mossman, and Tim Smith, from Port Douglas Realty, provide a brief on the local property market.
RAINE & HORNE Mossman, Sales Consultant & Licenced Real Estate Agent
M : 0408 993 228 / T : 07 4098 3111 4873
Can you tell us how the local real estate market is faring in 2020?
Generally speaking 2020 has been a bit of a roller coaster…For me personally the year started well, then suddenly one day in April my phone stopped ringing! After our lock-down period, I hit the ground running again & by June/July I was absolutely run off my feet with both local & interstate buyers coming into the area. Since then, we’ve seen a really constant stream of interest & overall we’re feeling pretty confident for the coming summer season.
How has COVID-19 specifically affected the local market?
It is fair to say that over the last few months we have had more buyers than sellers in the area which has been challenging! I would say that this is due to a combination of both increased interstate enquiry and COVID reminding us all of how lucky we are to live here, why would you want to sell and move away from paradise! Also, there have been several sight-unseen sales due to the border closures which may not have happened in different circumstances.
What trends are you seeing in property sales at the moment?
Surprisingly, we’re finding that the $1M-$1.5M properties are selling faster than any other price bracket! There have been some excellent sales in the area this quarter, with remarkably low days on market compared to pre-COVID times. Holiday units are proving a little harder to move at the moment with the impact border closures have had on our local tourism industry and low visitor numbers, also lending conditions are very tough for these properties as well.
Are there any benchmark property sales you’d like to mention?
I was delighted to take a very unique property to market in September, Xanadu (featured image) at Rocky Point. We ran a month-long EOI campaign which resulted in really awesome enquiry levels – mostly interstate, one international – however in the end it was a local buyer who purchased the property which is really exciting.
How do you think these trends will bear on the 2021 market?
All we can hope for in 2021 is that our dear Victorian friends can finally get up here to visit! The Victorian market is traditionally our largest of all the states, and we know there are many who hope to buy up here in the near future. Fingers crossed their hard work will pay off soon, they really deserve a tropical getaway!
RAINE & HORNE Port Douglas, Director & Licencee
M : 0417 709 667
T : 07 4087 1800
A: 8/56 Macrossan Street, Port Douglas Qld 4877
E : firstname.lastname@example.org
The property market over the past year has been very interesting to say the least.
Basically, the wheels fell off when coronavirus hit in March of this year.
Buyers were no longer, and vendors were very worried.
Then over the next few months we slowly saw things start to change-once the greater population started to understand the world that we now lived in.
Obviously international travel had ceased to exist, and domestic travel (once the borders open) would become the new trend.
Hot spots were always going to be the warmer climates such as ours for our southern cousins to escape from the cold. They also learnt that you no longer have to live in the city to work.
This then sparked a lot of enquiry from people who have been thinking of moving to places like our beautiful region. What will happen in the coming months and over the next year or so, will be that tourist accommodation will fill, therefore giving investors a greater return on their investments and show greater yields.
Higher yields will obviously show an increase in sale prices. Following on from our AirBnB and Stayz blitz over the past few years, which saw a lot of residential property taken out of the marketplace-which brings supply and demand into play.
Although these properties have certainly been hit hard, they will be back in force when the borders open.
At this stage the enquiry level on property has certainly increased and we have not seen any dramatic growth yet slow and steady.
Port Douglas’ newest land sub-division was released this month with 17 of the first 32 lots having expressions of interest placed on them already.
As more and more people realise that you don’t have to live in the cities with the increased exposure to the virus, and you can live in paradise, we will see a fairly large southern migration take place.
While sales slowed in the immediate wake of the first lockdown earlier this year, the property market in Port Douglas has rallied since June, which coincided with a cold winter down south.
There has been a marked rise in interest from inter-state buyers seeking high-end houses, the likes of which we haven’t seen in Port Douglas since 2008, before the GFC.
It is great to see some big ticket items moving; a house recently sold in the Beachfront Mirage estate for $2million+
Units too are receiving great interest from the Southerners seeking a sea-change. As the allure of extended visits over winter in sunny Port Douglas is growing, buyers seem to be drawn to more boutique style apartments or villas without onsite management.
Even with the border closures and lockdowns, many properties have been selling sight unseen to inter-state buyers. It has been amazing how popular and effective virtual inspections are becoming during Covid.