Port Douglas Property Prices – Realtor Rosie Wang of Port Douglas Real Estate Shop believes the port market remains relatively strong. Picture:
The end of the Covid pandemic, the war in Ukraine and the global construction supply problem have created a perfect storm for the construction industry.
Port Douglas Property Prices
Nerida Conisby, chief economist at the Ray White Group, points to data coming from the construction industry and sees this perfect storm as a challenge for the real estate industry, at least in the short term.
Birkenhead House Prices In Maps And Graphs
As prices soften across the country and interest rates continue to rise, Conisby expects home prices in mostly stable properties to stabilize or even decline through the rest of the year and into 2023.
However, construction costs have risen by nine per cent (the highest figure since the introduction of the NHS), industry insolvencies have risen by 30 per cent in 12 months, and reduced migration has led to a shortage of construction workers.
This is likely to result in fewer new homes due to the inability to obtain materials and labor.
It also leads to delays in homes under construction, something Metricon’s clients in Melbourne are already experiencing, according to a recent article in The Age.
Shantara Resort Port Douglas
Despite rising demand for existing homes, the returns to sellers, who are able to lower prices and raise prices again, are not good news for buyers.
The other domino to fall is the price of the domino, which can be experienced by anyone looking to rent in Douglas Shire at a time when vacancy rates are at unprecedented lows across the country, with the impact of a tightening rental market looking somewhat dire. as some persistent local problem.
However, as far as local real estate agents are concerned, Port Douglas Property Shop real estate agent Rosie Wang believes the port market remains relatively strong.
“Demand is outstripping supply, and some properties sell before they are advertised,” Wang said, warning that “some high-priced properties are waiting to recover their market value.”
Pink Real Estate Port Douglas
Ray White’s Mark Flynn hasn’t noticed the change in supply. Most properties are on the market for an average of 30 to 40 days before they sell, and while inventory is scarce, Flynn doesn’t expect that to change in the near future, but he can’t see current practices changing or the market changing.
“Prices haven’t changed – we had three auctions on Monday night … all of which sold with lots of bidders, which was a fantastic result.”
In terms of construction, a review of the development and construction history of the Port area over the past 15 years. Flynn highlighted the “minimal activity” and said: “As a result, we are now paying the price, with a huge shortage of new home owners and renters.
Thank you to our advertisers for supporting Douglas Shire in delivering daily community news. Journalism for the public good is a fundamental part of any society.
The White House Port Douglas, Port Douglas
Any news tips? Let us know! Submit your news tips here or send a letter to the editor.
* Comments are the opinions of the readers and do not represent the opinions of its employees or affiliates. Reader comments are moderated before publication and encourage valuable, civil and healthy public discussion. If your comment is not accepted for publication, please see our commenting guidelines.
FOR SALE The Beach Estate, Langley Road, Port Douglas Price: Lot 1 – $1.2 million, Lot 2 – $1.3 million
Property For Sale Lot 1 @ 53 Beor Street Craiglie – Located in Port Douglas Business Park Craiglie Price: $450,000
Oaks Port Douglas Resort (port Douglas, Aus)
FOR SALE 87-89 DAVIDSON STREET (BAHA VILLAS), Port Douglas Price: 2.195 MILLION – ONLY 1 REMAINING, 3 properties may be difficult to rate considering all that has happened in the market over the last 12 months. Short and Long Term Port Douglas Property Outlook Fortunately, Alan Crossman, Director of Port Douglas and Mossman Estate Agency, has extensive experience reading local market trends and even in these uncertain times, he predicts the Port Douglas property market in 2022. gave a clear idea of where to go.
Before looking at where the Port Douglas real estate market is headed, it’s important to look at where it is today and how it got here. Despite, or possibly due to, the region’s strong sales activity over the past 12 months, due to COVID-19.
Southern shoppers are abandoning capital cities, notably Sydney and Melbourne, which have been largely disrupted by the pandemic, and fleeing to the tropical, relatively COVID-free streets of Port Douglas. Since becoming a tourist hotspot, Port Douglas has been an attractive option for interstate buyers to purchase a vacation home, investment property or future retirement home. These reasons remain largely true during pandemics.
Domestic buyers have also been active over the past 12-18 months. This group includes renters, local investors, downsizers and expanding buyers who realize now is a good time to buy property.
Cairns Real Estate: Port Douglas, Palm Cove Set To Hit $1m Median
There is a growing perception that property prices in Far North Queensland are undervalued compared to southern states. Increased sales activity in Port Douglas in 2020-2021 could respond to this fact as property prices are more in line with their true value.
Looking ahead, it’s hard to say whether this active selling market will continue in the long run. Restrictions on domestic and international travel could be lifted, potentially diverting attention away from Port Douglas and Far North Queensland.
And COVID-19 could eventually have a significant impact on the region, causing closures and further straining the local tourism industry. Tourism in the region has suffered a major downturn, but that hasn’t hurt the local real estate market. In fact, it was the other way around.
At the same time, there were reports that the government may take steps to make it more expensive for investors to buy farms. These measures, if implemented, may slow down the real estate sector, but to what extent remains to be seen.
Island Point Road, Port Douglas
All of these factors suggest that the Port Douglas real estate market will remain active for the foreseeable future, but not to the same extent as the past 12 months. However, as the local real estate market tends to stabilize at normal levels, business will remain active and agents will confirm their listings. All this means that Port Douglas offers many promising opportunities for those looking to buy, sell or rent real estate.
The property market in Port Douglas has seen significant changes over the past 12 months. Both property sales and long-term rentals have increased since the border opened, meaning fewer properties are listed for sale. For more information on the latest Port Douglas real estate, read our updated Port Douglas Real Estate Market Update.
The Port Douglas real estate outlook for next year should offer exciting opportunities for buyers, sellers, investors and renters in the area. If you are looking for a Port Douglas estate agent, contact the team at Property Shop Port Douglas & Mossman today on 07 4099 5355.
