Luxury lifts tropical market

Villa Hemingway, currently on the market at $10.8 million, could become one of the region’s biggest sales in five years.

An iconic Port Douglas resort-style villa is tipped to become one of the region’s biggest sales in five years following an increase in activity and a renewed confidence in the holiday home market.

Villa Hemingway, a four-bedroom luxury property across six levels with spectacular ocean views on Port Douglas’ prestigious Island Point Rd, is on the market for $10.8 million.

The Pink Company managing director Callum Jones said that, while the market for high end properties had been “depressed” for many years in the wake of the global financial crisis, signs suggested the luxury market had turned around.

“It is only now, over the last 12 months, have we seen activity in these lifestyle-type properties,” he said.

“The recent spate of sales in town of $4.85 million, $5.1 million, $5.3 million and $6.4 million prove good money is being paid for quality properties.”

One of the biggest Port Douglas sales last year, negotiated by Mr Jones in an off-market deal, was the $6.4 million sale of another Island Point Rd property to a Gold Coast businessman.

Mr Jones is confident he will better last year’s effort in 2017.

“Villa Hemingway will sell this year, of that I am certain, and it will set a local price record very rarely seen over the last five years.”

“There have been two qualified inspections already this year in January of Villa Hemingway. Both were potential buyers well capable of being able to purchase such a holiday home.”

Many holiday homes are custom built and designed specifically for the initial client’s wants and needs.

In most cases, such as the recent sale of the $6.4 million Island Point Rd property, when these properties are sold on they don’t perfectly suit the buyer, and the new owner intends on making improvements to the property.

“Most buyers will want to put their own stamp on their new property and make it truly theirs,” Mr Jones said.

“The end result will be a home much changed and improved and this will not be a cheap exercise.

“This all stimulates the local economy and improves all sectors of the property market, as sales will then flow through other price ranges. We will see a further increase in confidence, sales volumes and prices.”

Mr Jones said, as well as an increase in completed home sales, a shortage of vacant building lots in prime locations is also having an effect on market activity.

However, with a shortage of sites that can be built on and a small amount of homes in key hillside positions, Mr Jones said there is more demand than supply and, because of this, the market is “seeing good inquiry and activity”.

By Rowan Sparkes Courtesy Carins Post

Vacayster Admin

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