Buying Real Estate in Port Douglas is a gratifying lifestyle choice for investors and owner- occupiers alike.
Purchasing a property in Port Douglas and its surrounds requires a great deal of research and familiarity due to the high level of market activity in the area. For example the Real Estate Institute of Queensland statistics show that Properties for sale in Far North Queensland average only 57 days on the market as at the 25th October, 2004.
With the Port Douglas Real Estate market undergoing such a high level of activity it is vital that the buyer is armed with the right resources, information and experience. Century 21 At Port (Port Douglas) can assist you firstly by understanding your buying needs and secondly by working with you professionally until your needs are fulfilled.
The changing nature of the property market in Australia means that Port Douglas is more often in the limelight as a place to live and invest. With the annual migration to Queensland in 2003 reaching over 65,500 people it is no wonder that buying Real Estate in Port Douglas has become a preference and priority for an increasing number of Australians and Overseas Investors.
Port Douglas without a doubt was once a sleepy fishing village. Today however, the town is a thriving, cosmopolitan tourist Mecca for both Australians and overseas visitors. In a recent issue of the local “Gazette” newspaper the headline read “BOOM TIMES”. This article highlighted a quarterly report - compiled by the Cairns based 20/20 market research group, showing that the Douglas Shire has a total of $573 million in projects underway and a further $250 million well advanced in the planning stages. The total value of development in the Shire has almost trebled from the same time last year when the total was assessed at $327 million.
Facts like the above mentioned, makes it easy to see why the Port Douglas Real Estate market is still growing.
Port Douglas is a tropical peninsula in Far North Queensland, known to be at the closest proximity to the Great Barrier Reef. A truly magical place where the Daintree Rainforest meets the reef making for easy access to the only place on earth where two world listed heritage sites live side by side. “Port” as it is affectionately known to locals, can be divided up into several different areas, and depending on your budget and requirements has many styles of residential properties, villas, apartments, townhouses, units and rural properties on offer.
- Starting in the main street: Macrossan Street Real Estate – Features holiday accommodation in resorts and well established complexes. Prices start from $165,000
- “On the hill” including: Island Point Rd, Murphy St, and Wharf Street Real Estate – Predominately luxury style holiday and residential homes with views to the Coral Sea and Four Mile Beach. Prices start from $800,000
- Main Beach: The Esplanade and Sands St Real Estate – A mixture of resort apartments, complexes and older style Queenslander homes. Prices start from $650,000
- In the heart of town incorporating: Davidson St, Warner St, Garrick St, Owen St, and Mudlo St – A few older residential homes, and new complexes with apartments. Prices starting from $139,000
- Approx 3km from town the district known as: Solander comprises some older low set homes and an increased amount of new houses. Price starting from $450,000
- Approx 4km from town the district known as Pacific Park features new villas and new duplexes with the occasional older style residence. Prices starting from $300,000.
- Fabulous and Popular: “Four Mile Beach” many beach side residential properties, new villas, houses and townhouses and properties suitable for redevelopment or permanent rentals. Prices starting from $600,000.
- Out skirts of Port Douglas: “Port Gardens” and “Ferndale” new residential estates with land or brand new homes available. Prices starting from$165,000 for land and $380,000 for houses
- On the other side: “Reef Park” residential homes and various style units. Prices starting from $180,000.
Buying property in Port Douglas whether it be your first home or one of several investment properties is bound to be an exciting and satisfying time and we at Century 21 At Port firmly believe the most satisfied and happy home buyers and owners are those who have the most information available to them and who use it to their advantage.
Our top 5 tips to remember when buying Real Estate in Port Douglas:
- Be aware of the whole process.
- Laws pertaining to Buying Real Estate vary in each state of Australia. In Queensland there is a “cooling off” period of “5 working days”, when you sign a contract. The Agent discloses the commission rate being paid by the sellers and unit contracts have Body Corporate Disclosures included in the contract. Contracts are clear, precise and can be understood by the average citizen.
The basic real estate buying procedure generally follows:
- Contract / Offer – Basically once you have put an offer in writing the real estate agent selling the property has a legal obligation to present all offers to the Vendor/Seller. A standard contract for the conveyancing (the term used to describe the transfer of ownership of property from seller to buyer. The Land Title Act 1994 is the main legislation governing the conveyancing of houses in Queensland).
- Acceptance of Offer - The Seller may accept your “offer” or may change the price or conditions and initial such changes. The agent will advise about these procedures and what the outcomes are.
- Solicitors –You may wish to have your appointed solicitor peruse the contract prior to your signing.
- On Signing - Even after signing, you as the buyer have 5 working days to “cool off”. This allows you to be sure about your decision.
- Conditions – Most contract tend to have a “finance clause” which generally gives you the buyer 14-21 days to have your finance approved. Some people require building and pest inspections to be carried out. The agent can offer sound advice re: special conditions, but if necessary, your solicitors advice may be required.
- Processing & Settlement - The solicitors who act for each party will liaise and communicate with you and each other to ensure that when all conditions are met, the contract will proceed to settlement .