Property investors are being lured into the attractive Whitsunday market, according to recent research by Colliers International.
A recent report into the area found the Whitsunday precinct has undergone a significant change in buyer demographics with much of the market undergoing price corrections.
A median price of $440,000 was established during the six month period ending June 2009 – a 13 per cent discount from 12 months earlier.
“A total of 63 house transactions were recorded during the most recent six month period ending June 2009,” Mr Walker said.
The majority of settled sales transacted in the $400,000 to $499,999 price point – totaling 41 per cent of transactions.
According to the report, the drop in average property prices has been acting as an incentive to investors – who are looking to buy their own slice of heaven.
Only nine house sales transacted above $700,000 during the June 2009 half year.
Similarly, the Whitsunday apartment market has also undergone a price correction through recent periods.
“Historically, only 75 settled apartment sales have occurred within the Whitsundays region above $1 million, 95 of which were in the Airlie Beach precinct,” Mr Walker said.
“The past twelve months has seen this market contract 15 per cent from the median price peak of $382,500 - establishing a figure of $325,000 for the six months ending June 2009,” he said.
A total of 77 apartment transactions were recorded during the most recent six month period.