Whitsunday apartment owners are reaping the benefits of their investments following reports prices surged 18% in the last financial year. The growth has been attributed to exponential growth within the local tourism sector, with a supply shortage and increasing occupancy rates combining to create one of the best performing apartment markets in Australia.
No-one could deny the strength of interest particularly with the shortage of rental properties throughout the region. “The desire of the Whitsunday’s still appears to be there and unlike many other regions you could say that the Whitsunday’s is still a very in-flavour area,” she said. Ms Dewsbury also said it was interesting to note that a number of higher end sales had bumped the average prices up throughout the region, but was quick to add, given the limited number of lower end properties, it had contributed to higher sales all round. “At the lower end of the scale we see very limited numbers of properties, and due to this they have fetched some very good prices which is further evidence the market is strong.”
Independent property analyst Michael Matusik said the news also represented the third consecutive year that the region’s apartment prices had recorded a double digit price increase. He also believed that the accessibility of the Whitsunday’s from markets including Sydney and Melbourne had ensured the region remained attractive to southern investors.
