Whitsunday price performance compared to Mackay
GUST OBSERVER
We have compared some sales data on Airlie Beach and Cannonvale units against Mackay units.
When looking at the Mackay unit sales (not Mackay Harbour), the number of sales has dropped from a high 215 sales in 2013 to financial year 2016 only recording 40 sales (median price $283,000). Mackay Harbour achieved 7 sales throughout the 2016 financial year, which was down from 30 sales in the 2011 financial year (median price $465,000).
Cannonvale units have bounced back a little in the number of sales with 78 recorded sales, up from 52 sales in the 2015 financial year (median price $290,000 – up from $250,000).
Airlie Beach unit sales have been reasonably consistent last year with 72 sales, which is down from 84 in the previous year.
The median price has dropped to $348,000. It is interesting to see the difference in the median prices for the units at Mackay comparing to Airlie Beach. In my mind, the units in Airlie Beach still represent great value for money when you can get an excellent ocean view starting as low as $230,000.
The tourism numbers coming into the region are still going very strong and this is reflecting on the gross income on the holiday let apartments.
Stephanie Bacon from our sales team has a severely reduced apartment at the Port of Airlie for only $635,000 which has income statements of an identical unit in the complex that is 100 percent holiday let for well over $80,000 per annum.
On a net basis this is around 4 percent which is very unusual for holiday letting properties in Airlie Beach.
Most holiday let apartments return between 2 percent and 3 percent nett.
Add the fact that the complex is one of the highest rated complexes in the area and it could be the best buy in your portfolio.
Mark Beale is principal of Ray White Whitsunday and can be contacted here.
