G’day, everyone. Chris McGregor here from Bay Islands Property, and I thought I’d give you all an update on what’s happening in our local real estate market. If you’re wondering about the current trends and where to invest, you’re in the right place. With over 15 years of experience on the islands, I’ve seen it all, and I’m here to share some insights with you.
Property Prices on the Rise
In the last five years, we’ve seen some remarkable growth on the Bay Islands. The number of houses has jumped by a thousand, and property prices have followed suit. We’ve gone from seeing houses priced at around $150,000 to some now hitting the $500,000 mark. Land, too, has appreciated significantly, with prices moving from $15,000 up to $60,000. While these figures might seem like a lot, they reflect the increased demand and the value people are finding in our beautiful islands.
What’s Happening Now?
As of July 21st, we’ve sold eight properties this month, which is on par with June’s numbers. However, there’s been a noticeable drop in new listings. I’ve only listed five properties this month compared to eight in June. This reduction in inventory could mean prices will continue to rise, given the steady demand we’re seeing. Over the past year, property prices have risen by just under 10%, and I expect this trend to continue.
Trends in the Market
There’s been a surge in demand for high-end properties, particularly those with a bit of character. We recently had a lovely Queenslander, with only minor renovations needed, listed at nearly $700,000, and it was snapped up within a week. Larger brick homes on decent plots are also fetching up to $900,000. Meanwhile, standard three-bedroom, two-bathroom homes, especially those priced under $400,000 on Russell Island and $450,000 on Macleay Island, are flying off the shelves.
Buyer and Seller Behaviour
We’re seeing a shift in buyer behaviour, with more folks needing to sell their current properties before they can buy here. If you’re in the market to buy, it’s important to be realistic about how long it might take to sell your existing property. But don’t worry—well-priced and well-presented properties tend to sell quickly.
Popular Spots and Price Points
Russell Island is particularly popular right now, with the median house price sitting at $413,000. Similarly, Macleay Island’s median is at $425,000. We’re also noticing more buyers coming from Brisbane, cashing in on their mainland properties and investing in the Bay Islands, which is a shift from the usual Sydney and Melbourne buyers.
Challenges in the Market
One of the biggest challenges we’re facing is the tightening of loan criteria by the banks. While a lot of our sales have traditionally been cash transactions, we’re seeing more buyers needing financing these days. Unfortunately, the banks are being pretty conservative with their lending, which is making it tough for some to secure the necessary funds.
Advice for Buyers and Sellers
If you’re looking to buy, my advice is simple: act quickly. If you find the right property, don’t hesitate—otherwise, you might find yourself paying more later.
For sellers, it’s all about getting the price, promotion, and presentation right. Make sure your property is presented impeccably online and is promoted through various channels. And of course, setting the right price is key to attracting buyers and ensuring a quick sale.
Looking to the Future
Looking ahead, I’m predicting a strong market for the next six to twelve months, driven by continued demand. Even if interest rates go up, I don’t see that slowing us down too much. The past four years have shown solid growth, and I reckon we’ll keep seeing that trend.
What Makes the Bay Islands Special?
One of the things I love about the Bay Islands is the sense of community here. We’ve got a bit of everything—stunning natural beauty, friendly neighbours, and a relaxed lifestyle. It’s no wonder people are keen to make the islands their home.
Recent Sales and Community Updates
I recently sold a property that I first sold four years ago for $160,000. It’s now worth around $480,000—a pretty good indication of how much this area has appreciated. On top of that, we’ve seen some great community improvements, with a $50 million investment in our jetties and the introduction of a car share service, making life here even more convenient.
Final Thoughts
If you’re thinking about buying or investing, I’d encourage you to come and spend a few days on the islands. Get a feel for the place, and you’ll see why so many people are choosing to call the Bay Islands home.
And if you need any more information or are considering buying or selling, I’m always here to help. Feel free to reach out for a no-obligation market appraisal.
Whether you’re looking to buy, sell, or just curious about what’s happening in the market, I’m here to guide you every step of the way with my experience and local knowledge. Don’t miss out on the opportunity to invest in this growing market where community and natural beauty come together to create a unique lifestyle.
