Hi Folks,
Any port investors out there in touch with the market? It seems it may be making a move. Also seems to be some new development opportunity with a draft DCP being currently distributed. I see that some residential areas such as parts of Lighthouse beach are proposed to be upgraded to higher density. Any views on the situation?
Ian
Prices up there have certainly come off over the last couple of years. The fact that Virgin are now flying jets there (ex Sydney only) is good for the holiday apartment market. I've also heard that developers are keeping their powder dry and no big new apartment buildings are imminent. That should reduce the over supply and perhaps help prices edge up. It's a good town – or 'city' to those who live there. Great beaches, plenty of services etc. I've got a unit up there and could happily live there. Of course, it has the usual barren housing estates on the outskirts that you wouldn't touch, but some of the 60s housing stock on the hills near Town Beach are great.
ScottThanks for your views Scott. I grew up there but moved away after school. Boy has it grown heaps. I did the figures on long term capital growth with my parents home and it was spot on around 10% per yr over a 40 yr period. Definitely keeping close to the beach is the go – always in higher demand. However the Lewis Land Group is currently building a new high tech sattelite town on the outskirts of Port. First place to have total fibre optic connectivity throughout. http://www.sovereignhills.com.au/ Seems like a possible opportunity with land coming onto the market this year.
Ian
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