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Crazy buyer to property ratio in Port Douglas!

Port Douglas is one of Far North Queensland’s hottest tourist destinations which attracts visitors from all around the world. Matthew Mcconaughey is the latest Hollywood A lister to be spotted in the tropical town. 

Visitors like Matthew like to soak up the warm tropical weather, snorkel the great barrier reef and trek through the worlds oldest living rainforest.   Many visitors like Matthew after visiting Port Douglas fall in love with everything is the little beachside town has to offer and then decided to relocate here.

This is what skyrocketed the Port Douglas property market to its current median house price of $1,032,500 a 43% increase pre-Covid.

The market was flooded with high demand from interstate buyers predominately from New South Wales and Victoria fasting tracking their retirements or opting for the digital nomad lifestyle.

Many property experts thought this trend would be short lived as society got back to normality after a shaky few years and companies would demand their workers back in the office. However, this has not happened, and the trend is still alive and gaining further steam and Port Douglas is feeling the grunt of it.

Port Douglas is still experiencing extremely high levels of demand with days on market sitting at 51 days and approximately 600 unique online views per property. This demand is only being met with a listing volume of 20-30 properties per month, simply not enough to sustain current levels of demand.

Basically, there are potentially 25 active buyers per property in Port Douglas, so buyers continue to find themselves in multiple offers scenarios post pandemic with a 25 to 1 buyer ratio. This low level of stock is likely to remain for the next 24 months as Douglas Shire Council look to fast track development approvals around Cooya Beach and Craiglee.

We expect the market to be injected with new supply predominately targeting first home buyers although given the lack of available established stock we are also likely to see inter-state buyers now pivot towards new construction.

The lack of established stock will really test the desires of interstate buyers wanting to live in the area as new construction could come with long wait times and high construction costs.

Buyers Agent Cairns | Cairns Buyers Agent | Buyers Advocate Cairns

Troyson Bassani

Owner & Head of Research

Tropical Life Buyers Agency

 

 

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