Whitsundays worth a look

PROPERTY NEWS


Investors seeking to capitalise on low sales activity can snap up a bargain in the Whitsunday property market, according to new research released by PRDnationwide.

House prices have dropped by 7.4 per cent over the six months leading up to March 2010 – to record a median price of $455,000. However, given the strong performance of this market over the past 10 years, this median still represents a very strong growth of 10.8 per cent per annum despite the recent fall in demand.
Jim Midgley, PRDnationwide managing director, said the latest finding revealed that the Whitsundays and Airlie Beach Area makes owning your dream home more attainable for those on a budget.
“Due to the price growth being stalled, the Whitsunday property market demand has softened considerably,” he said.
“To the smart investor who is in the situation to ride out the bottom of the cycle, now is the time to pick up bargains in one of Australia’s premier beachside destinations.” Report author, PRDnationwide research director Aaron Maskrey, said a resale analysis revealed houses sold within 2010 yielded annual capital growth figure of 5.5 per cent per annum for the region.
“The unit also market presents a fantastic opportunity for investors to capitalise on prices that are still below the peak experienced before the GFC,” Mr Maskrey said. The Whitsunday apartment market experienced a 10.8 per cent increase in median unit price to record $360,000.