The Port Report - January 2002

Despite Alan Greenspan declaring that the U.S. economy was "just at this particular point, turning" (for the better), a recent Weekend Australian was very negative about the Australian residential property market. If the U.S. economy is starting to perk up after an eleven month snooze and a 40 year interest rate low of 1.75%, then surely the flow on effect will provide some stimulation for our economy.

Here in Port the property prices have had a graph looking like a mountain range up until the mid-nineties. Since then we have seen steady growth though not spectacular like some of our capital cities, but at least heading in the right direction. It could be seen (the negativity) as a touch of media sensationalism for prices to steady from a 29% increase in 2001 to a predicted 3% this year (in Melbourne). Well, it depends on how you look at it doesn't it? Over a two year period one could say there has been an average increase of 16% per annum which doesn't sound too shabby and hardly reason to panic.

The good news is we now have Virgin Blue serving Cairns and Qantas commercial daily flights to Osaka that alone add 84 000 seats annually out of Japan.

SALES

Sales have been quite good for a reasonably quiet time of year. Some fairly lumpy sales have gone through as well:

• A 2000 m2 residential block with subdivisional approval (into 2) on Murphy Street sold for $1.1m. Half way between Port and Mossman is 160 acres that runs up to the top of the hills with views from "Cairns to Cooktown" - it sold for the listed price of $1.5m, no negotiation!



• Frangipani House On the beachfront at Newell Beach sold for approx $860K. Three more Central Plaza holiday apartments sold in $215 - 225K range.



• A luxury home, Sonata Close, in Solander, back off the beach, went to contract at around $650K after only a couple of months on the market.



• A house on just over 1 acre in the Mowbray Valley sold for $267K and finally a vacant lot at Cooya Beach, the last in the subdivision, sold for a huge $38K!

PROJECT REPORT

Building in town is proceeding at a frenetic pace (for FNQ) with the sensational weather and no sign of any rain yet, we expect projects to come in on time if it keeps up.

• Saltwater - Macrossan St: A Juniper Corporation refurb/build 17 units (2 & 3 bed) in Macrossan St, nearly complete and available at an average of $3252 per m2. Sales details unavailable at present ($365 - 550K)



• Latitude 16 - Murphy Street: Nine only pavilion homes on Murphy St with views across the inlet and mountains. Only 3 still available. Avg $3366 per m2 ($550 - 795K). Highly recommended Don Morris special.



• Thorntons West - St Crispins Ave: Following the success of stages 1 & 2 of this luxury villa development, stage 3 is about to commence. Comprising 5 buildings of 2 villas each with own pool and an ensuite for each bedroom (3/4). Average $1659 per m2. 3 bed $510K and 4 bed $610K. Best luxury value in town.



• The Links Golf Course Villas - Links Golf Club: The course is looking fantastic and so too will these villas being on the 18th fairway that is a really tough 367 metre par 4. A stroke index of 10 belies the stress this hole can cause in trying to close out a tight match. 4 x 3 bed and 4 x 4 bed are now selling at $725K and $825 respectively. ($2683 per m2).



• Central Plaza - Beryl Street: Still going like a train only 11 of the 28 still available with a late May completion. Check out the huge pool 12 x 15 metres with spa and waterfall! 2 & 3 bed ranging from $215 - 255K or average $2602 per m2. If you're looking in this range with a guaranteed return, this is a "strong buy".



• Club Tropical - Wharf St: This is a bit of a hidden secret. Though an older building, circa 1994 (recently refurbished), they now have a new management team and some of the units when they do become available for sale, must be great value eg: Studio Apt with mountain views $115K. Recommendation - "must consider".

For information packs on these developments, call me on 07 4099 5355 or email us on: info@propertyportdouglas.com.au

HOT PROPERTIES

• You may have heard the "buzz" of late about Newell Beach. We have 1400m2 corner block beachfront for $230K (beach across small road).
• 4 bed house Ulysses Ave, Port Gardens, immaculate $269K.
• Unit Coral Drive PD, split level $135K.
• Unit Atoll Close PD, 2 bed, 2 bath $109K.

THE GOSS

Seen recently in our town has been Michael Gudinski founder of Mushroom Records. Dean Wells, Minister for the Environment out on Wavelength looking at the reef. A new Fosters ad with a big name star is due to start shooting this month. Mango Jam bar & restaurant is closed until 18 Feb for their annual sabbatical. The sensational mango and lychee season has finally finished but now available is the delightful tropical fruit known as longon. Brown skinned and a little smaller than a lychee (but eaten the same way) it's now available at the markets for $4 per kilo. The flesh is a little like the lychee and the flavour akin to a custard apple. Truly delicious and part of the "magic that is Port Douglas".

For information of any of the properties mentioned in this Report or any real estate enquiries contact me anytime on 07 4099 5355 or email us: info@propertyportdouglas.com.au

Cheers
Douglas J Norris

Should you have an opinion on matters covered in this letter or any related subjects please send your comments to: doug@propertyportdouglas.com.au. Constructive comments will be published.

Disclaimer: This material is based upon information which we consider reliable, but because it may have been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions or withdrawal without notice.