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Ray White Whitsunday E-News – 18th February 2021

By Kelsey Scott
Dear
Welcome once again.
Encouraging signs for those selling their properties now with our internet inquiries still increasing with an average of 62% increase compared to 4 weeks ago. Of course, looking at this objectively, the number of inquiries is normally directly related to the amount of stock we carry as a business, however as sales agents we can feel the urgency in the market as buyers search for properties to suit their requirements and are unable to do so.
The amount of available stock in the local market place has remained steady in the last two weeks however prior to this the stock levels have dropped by around 30%, since the high of about 16 months ago.
This fortnight we asked our sales consultant Steve Marks to write some words on his interpretation on the current Whitsundays property market.
“Scrolling through social media I am seeing more posts about the current rental squeeze. Stories not just about rental increases but also about the scarcity of rental properties in general, even at higher prices, and even some stories about fears of being homeless. This led me to think about the forces that have created such an unpalatable environment.
It would be hard to argue that for many years the real estate market in the Whitsundays has not been flat, with little or no capital growth, and in many cases negative growth.
Being such a transitory place, people have needed to relocate due to work or family and they have looked at selling their home. In some cases when called in to provide an appraisal at below what the owners paid for it, sometimes the decision is to sell, take the loss and move on, but in many cases the decision was to hold, rent it out and wait for a lift in prices to achieve a better outcome.
This continued for many years, providing a steady stream of new rental properties to meet rental demand, and at sometimes an oversupply of property that caused rental prices to fall. It was not too long ago that tenants in one of my investment properties “requested” a rent reduction or they would move out – with 50 or more vacant units in the area offering lower rent we had no choice but to comply.
Now whilst we do not condone disproportionate rent increase, sometimes with the increased costs of body corporate, rates and so on, it is necessary to increase the yield to lessen the gap of costs of ownership.
But now, with the cost of lending at historically low rates, and an improvement in prices those houses that were in the rental pool by default are now being sold down, quite often to owner occupiers which is reducing the available houses to rent. This is changing the supply and demand to favour the property owner and rents are increasing.
Normally when there is a rise in rental rates, tenants that were in houses sometimes decide to downsize to a unit rather than pay the higher rent, but units are also in short supply.
Due to the increase in insurance rates for units and townhouses in a body corporate, prices of these units have fallen, well below the original costs of purchase and in some cases below the cost of construction. Even though there is a huge demand for affordable housing options there hasn’t been any significant unit sites developed for over 10 years.
So what’s the answer?
First spare a moment for our rental team, they see on a daily basis the human side of this situation. Not long ago during Covid they were dealing with the fact that many tenants had no way of paying rent and had to negotiate rent reductions and rent free periods with owners to ensure tenants had a place to live. Now they are working hard to find houses for many displaced families with no place to go.
At the moment I can’t see any quick fix, rents will continue to rise and rental options will continue to tighten – many people are looking at all options to purchase a property, using parents as guarantors, selling boats and jetskis to fund a deposit.
With the cost of lending money at all time lows there has never been a better time to enter the market – you can still buy units in Cannonvale for $150,000 which if you can find a 10% deposit the repayments would be as low as $160 per week.
Remember it may not be your dream home but it will be your home.”
Steve Marks
Till next time,
Mark Beale 0404 498 790
Principal – Ray White Whitsunday
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Organisers from one of Australia’s most exclusive foodie experiences are offering a second opportunity for people to get involved in the dazzling event.
Property Of The Week
12 Nara AvenueAirlie Beach
Offers around $900,000
323
Unsurpassed Ocean Views
Have you ever dreamt of sitting on your balcony looking out over the ocean watching the nearby yachts cruise by? Then this beautiful property may just be the one for you. With uninterrupted views to the North East you get the best of both worlds. The views extend to Hayman and Double Cone Islands and being elevated means cooling breezes on those hot summer days.

Owner built and occupied from new, this property has been maintained to a high standard. Walking through the front door from the level and private access driveway is a pleasure and welcomes relaxation with its high ceilingspolished timber floors and direct views over the deck and onto the ocean and Airlie Beach township.

The block has double access and has a suitable space for parking a boat.

Located at the end of a quiet street you get a sense of privacy whilst also being only a short walk to the centre of town.

Offering design flexibility, you could quite easily turn the current storeroom in to an extra bedroom for those who need more space or even build in the downstairs area to double the size of the current home. With dual solar systems you won’t have to worry about running the air conditioners in the summer.

Not only for those chasing views, this property will also suit anyone with a green thumb as its fully irrigated with a fully landscaped yard.

Sellers are downsizing and genuinely for sale.

Call for more details today.

Mark Beale

0404 498 790

mark.beale@raywhite.com

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From $500 Per Night
3 Bed – 3 Bath – Sleeps 6
This Airlie Beach apartment home features uninterrupted, panoramic ocean views. For more info, contact Chris 0482 797 767.
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This brand new executive waterfront home has everything you need to make your family holiday perfect. For more info, contact Chris 0482 797 767.
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Enjoy a coveted water view lifestyle with all Airlie Beach and the Whitsundays has to offer For more info, contact Chris 0482 797 767.
Marine
RAY WHITE MARINE
Click here to view the website. Contact Mark Beale for more information 0404498790 or mark.beale@raywhite.com
BUSINESS FOR SALE APOLLO SAILING
Located in Airlie Beach, Apollo is the Ultimate Whitsunday Experience.
JULES LEGGE
A pure standout lying in Gold Coast waters, ready for immediate delivery! This stunning 2018 tri-level Sanlorenzo SD112 Superyacht in AMSA commecial registration is now readily available for sale.
Open Homes Saturday
534 Sugarloaf Road

Riordanvale

$750,000
Inspection:

Sat Feb 20 2021 9:00am — 9:30am

Steve Marks

0423 790 850

steve.marks@raywhite.com

23 Stanley Drive

Cannonvale

$645,000
Inspection:

Sat Feb 20 2021 9:45am — 10:15am

Steve Marks

0423 790 850

steve.marks@raywhite.com

21 Faust Street

Proserpine

$295,000
Inspection:

Sat Feb 20 2021 10:00am — 10:30am

Sue Shaw

0438 755 725

sue.shaw@raywhite.com

6 Balaka Street

Cannonvale

For Sale
Inspections:

Sat Feb 20 2021 10:00am — 10:30am

Lynne Erricker

0414 641 612

lynne.erricker@raywhite.com

12 Nara Avenue

Airlie Beach

Offers around $900,000
Inspection:

Sat Feb 20 2021 10:30am — 11:00am

Mark Beale

0404 498 790

mark.beale@raywhite.com

20 Jones Road

Cannonvale

Buyers Above $500,000
Inspection:

Sat Feb 20 2021 11:00am — 11:30am

Simon Dymmott

0400 799 788

simon.dymmott@raywhite.com

35 Stonehaven Court

Airlie Beach

AUCTION
Inspection:

Sat Feb 20 2021 11:30am — 12:00pm

Steve Marks

0423 790 850

steve.marks@raywhite.com

132 Conway Road

Preston

$435,000
Inspections:

Sat Feb 20 2021 12:30pm — 1:00pm

Lynne Erricker

0414 641 612

lynne.erricker@raywhite.com

86 Abell Road

Cannonvale

$440,000
Inspection:

Sat Feb 20 2021 11:00am — 11:30am

Lynne Erricker

0414 641 612

lynne.erricker@raywhite.com

Open Homes Sunday
9 Hillcrest Avenue

Airlie Beach

For Sale
Inspection:

Sun Feb 21 2021 9:00am — 9:30am

Stephanie McWhirter

0467 677 225

stephanie.mcwhirter@raywhite.com

17 The Cove

Airlie Beach

$1,750,000
Inspection:

Sun Feb 21 2021 11:30am — 12:00pm

Stephanie McWhirter

0467 677 225

stephanie.mcwhirter@raywhite.com

Ray White
Ray White Whitsunday
Shop 5, Building 2B, 16 Paluma Road, Cannonvale QLD 4802
This email was sent to mark.bealepa@raywhite.com
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