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Investors lured in by own slice of heaven

26 October 2009 Reporter

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.

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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.

Investors lured in by own slice of heaven
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