Despite local home prices in 2023 being close to the national median of A$757,746, the luxury market offers everything from grand waterfront mansions to penthouses with multi-million dollar views. All are available.
Ray White Whitsunday principal Mark Beale said while the international buyer pool remained shallow, there was a growing wave of domestic buyers seeking the northern sun.
“Over the past three years, we've seen a lot of people come in from the south with the confidence to spend A$5 million, A$8 million and even A$10 million to build a big house on the water,” he said. Told.
Ray White Whitsundays is currently selling two contemporary luxury homes with reef views near Airlie Beach, priced from A$3 million to A$8 million.
Sotheby's Lynn Malone said the majority of overseas-based buyers were expatriates from Australia, who “often reside in South East Asia and have easy access to Port Douglas and Hamilton Island for family holidays.” . But when it comes to international buyers, “the majority are coming from Europe, not North America,” Malone added. He said holiday home sales in Port Douglas and Hamilton Island had increased significantly in recent years.
“Many Australians choose to holiday domestically rather than overseas for two main reasons: exchange rates and the availability of tropical lifestyle destinations,” Mr Malone said. “Having said that, some vacation home owners spend six months of the year at their vacation home and the rest of the year at their home base or on vacation.”
The 12-month median house price in Cairns was A$512,666 by the end of 2023, an increase of 7.7%, according to CoreLogic data. At the same time, prime real estate (homes in the top 5% of prices) rose by 8.3% to A$908,603.
In Port Douglas, prices rose 5.3% to A$549,953, with the prime market median price up 5.7% to A$1,054,000. His 12-month median price in Mackay was A$463,477 after his 9.1% rise and luxury properties rose his 10.1% to A$689,189. CoreLogic pulled values for both Airlie Beach and Hamilton Island into the same dataset and showed that the median price was A$607,577 after an increase of 10.2%. Prime prices there rose 8.8% to A$1.057 million.
Of the hundreds of islands in the reef, only a few have residential properties for sale on a 99-year leasehold agreement. Buyers can buy private islands such as Pumpkin Island, a 15-acre southern reef site currently listed for A$14 million, and Temple Island, a 123-acre parcel off Mackay, for A$1.75 million. .
