Recently the Cairns Post reported that the building boom in the Far North hit $6.9 billion.
Here in Port Douglas we can’t really put a figure on it but speculation has the number around $2 billion.
This includes the $20 million being spent by the Ray Group on the revamp of the Sheraton Mirage and the construction of Bale, which is well under way.
Quite impressive for a sleepy seaside town and confirming that the building and development period is far from over in Port.
We have seen a large number of various quality developments getting up and running during the last few months, with many more in the pipeline.
To us here in Port Douglas, we find this most encouraging that developers and finance companies are visually expressing great faith in our little village.
Back on the highway, when driving North from Cairns International Airport, the Southern end and entrance to Port Douglas is about to see some major changes with the start of construction on “Volante". Claiming to be the biggest resort in the Douglas Shire, set on a massive 87 acres, Stage 1 alone of this development will comprise 94, 5 star two bedroom, dual key courtyard and lakeside villas. On completion sometime by 2008 Stage 1 of Volante will trade as the Grand Pacific Resort Port Douglas.
Meanwhile closer to town and the fabulous Four Mile Beach - t he boutique development market is also enjoying unprecedented interest, with small but luxury fitted 2 and 3 bedroom apartments with low overheads and freedom of use available for the purchasers: giving them more flexibility with the end use.
These include:
“360" proving so popular of which only 3 villas remain, “Serenity" located in a very desirable cul de sac and offering real value for money, “ Temple Moon " well under construction with only 4 villas remaining, And of course Sea Temple which is now approximately 50% constructed and sold.
We have noticed some of the more expensive ( i.e. million dollar plus apartments and developments) have slowed considerably in the number of sales and this simply appears to be market adjustment whilst people sit back and analyse returns on investment as opposed to the last 4 years of high capital growth. Basically the market is compressing bottom level prices are still rising and very buoyant and the top end has leveled if not showing signs of marginally retreating.
None of the above is discouraging the buyers of Lagoons, which has proved extremely popular - especially with the developer reducing prices by over $100,000 resulting in rocketing sales for the last 2 months. Investors have been quick to buy 3 bedroom fully furnished brand new apartments in an architecturally brilliant building for as little as $395,000 –if you are thinking “that sounds like a bargain" you best hurry very few of these remain.
Further the old “ Havana " site which unfortunately never got off the ground -not incidentally because of lack of sales- is now on the market as a partially developed site and will bear watching closely, The “Gekko" site has been restructured and we understand approx 35 exclusive condominiums with a huge pool is scheduled to proceed some time in 2006.
Of course this is a beachfront location and prices will without doubt reflect accordingly. Another prime development is the Coconut Grove site by Juniper located only 50 metres from the beach in Macrossan Street .
But by far closest to the town and cosmopolitan main street is
Shangri-La Port Douglas. Receiving many strong enquiries this top end high quality development featuring 2 lagoon style pools, and 27 two bedroom apartments with spa room and gymnasium. Located only a stones throw from the beach and main street. The developers are offering a guaranteed 7% gross return and have had previous success in Port Douglas with The Meridian which is showing excellent returns. Buyers can gauge a fair idea of the quality that Shangri-la Port Douglas will offer from inspecting The Meridian and the developers are more than happy to use The Meridian as their yard stick. Apartments still available in the $600’s.
This building and development phase should come as no surprise especially when you take into consideration the latest tourist statistics to the region showing a 19.6% increase in international visitors to Port Douglas.
If you take a long term view of the market, there really is no downside to investing in Port Douglas.
www.realestateportdouglas.com.au
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