Real estate prices are on the increase
THE prices of land, units and houses have all increased in recent months and there has been strong inquiry for home loans.
The Whitsunday Land and Unit Report for the first quarter of 2014 has just been completed by PRDnationwide Whitsunday and price growth has been achieved in all three sectors which follows increased sales volumes for the last eight consecutive quarters.
Principal of PRDnationwide Whitsunday, Christie Leet, said there were currently 14 land estates on the market on the Whitsunday coast, totalling 344 allotments of which 187 were sold, leaving 119 lots available.
"With 33 allotments selling in the last 90 days, this represents 10 months supply and in economic terms this dictates a sellers market which will see quicker sales times and rising prices," he said.
Speaking about apartments, Mr Leet said 30 had sold in the Whitsunday region in the past 90 days.
He said continued price growth was expected in the apartment market and it was likely to be above the 2.3 per cent experienced recently.
Meanwhile, managing director of Home Loan Specialists, Terry Archer, said he had experienced strong home loan enquiry indicating the property market in the Whitsunday region was on the way up.
"After a slightly quiet March on the home loan front in the Whitsundays, home and investment loan applications and approvals have bounced back with strong inquiries, turning into excellent lodgement volumes," he said.
"We have noticed a move away from the large numbers of first home buyer house and land packages to increasing investor and second home inquiries, as well as much more interest in the small medium commercial space.
"With this level of business, and great results forecast for May and June, the financial year will see the Home Loan Specialists in the Whitsundays come close to beating pre-GFC settlement volumes," he said.
Houses - up 9.4% to $465
Land - up 8.7% to $168,500
Units - up 2.3% to $320,000
*Source - PRDnationwide Whitsunday research - Whitsunday Land and Unit Report for the first quarter of 2014