Land values drop in Port Douglas
Land valuations in the resort town of Port Douglas have taken the biggest hit in the Far North.
Across the board, valuations have fallen by $86,000 or 20 per cent from $433,068 in October 2007 to $347,228 in October last year.
The economic downturn and the drop in tourists have been blamed.
Overall in the Cairns Regional Council area, property values fell by 4 per cent, with commercial and multi-unit properties having the biggest falls of 15 and 17 per cent respectively. Residential land was up 2 per cent.
Across the region values ranged from a 90 per cent increase in Hinchinbrook Shire, 17 per cent in the Torres Strait, 16 per cent in Weipa and 7 per cent on the Tableland.
Values fell by 22 per cent at Croydon, 12 per cent at Etheridge and 5 per cent in Cook Shire.
Queensland’s Valuer-General Neil Bray released the annual land valuations for properties yesterday. They were sent to more than 1.6 million landowners in Queensland.
"With the exception of Port Douglas which has decreased significantly, the residential property market has generally remained stable (in the Cairns Regional Council area)," he said.
"The commercial and multi-unit market sectors have generally decreased ... the Port Douglas market has experienced reductions greater than 20 per cent and up to 45 per cent."
Department of Environment and Resource Management area manager Brett Bowen said the fairly soft tourism market at Port Douglas and an over-supply of unit accommodation were to blame for the decreases.
But he said that would not necessarily mean a reduction in rates for property owners.
Mr Bowen said the council used valuations as part of the equation in deciding rates. He said it still had to fulfil its municipal obligations in its Budget, including rubbish collection, water supply and library services.
Mr Bowen said the council used a range of tools to decide rates, including capping.
Herron Todd White property analyst Rick Carr said the drop in tourist areas was one reason for the decrease in valuations.
He said all localities in the area had fallen.
But local agent Tony McGrath said the downturn presented an opportunity for buyers.
"To some people it’s a wonderful opportunity to get into a market they would not otherwise be able to afford."
Share this article
Time to swoop: Port Douglas real estate agent Tony McGrath says the drop in property prices presents a great opportunity for buyers.