Local real estate agency defies the looming mortgage cliff

BUSINESS FEATURE

Jamie Jansen

Journalist

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Ray White Port Douglas has successfully sold 82 percent of all auctioned properties. Picture: Ray White Port Douglas

The media has been discussing the "looming mortgage cliff" as a headline designed to grab attention. While this may be a concern in some areas, there are regions, like Queensland, where the real estate market has seen an increase in activity.

The "looming mortgage cliff" refers to the potential impact of rising interest rates on homeowners in Australia.

The Reserve Bank of Australia (RBA) has kept interest rates at historic lows for several years to support economic recovery, but this has also led to a surge in borrowing and property prices.

However, North Queensland has been consistently buoyant, and the Ray White Port Douglas team has achieved impressive success since opening in June 2021.

According to market statistics from September 2022 through to March 2023, the team at Ray White Port Douglas has successfully sold 82 percent of all auctioned properties in the Douglas Shire. The Selling Principal, Mark Flinn, attributes this to his highly experienced team and expert support from the Ray White Group.

Aside from the impressive number of sales, other key factors in real estate performance are the number of days on the market and selling price. This agency's clients have had their properties on the market for an average of only 33 days, with other agencies averaging 58+ days in the past six months.

Sales Team Leader Steve Doble highlights 3 recent sales by sharing “ 2 out of the 3 SOLD within 24 hours of being listed on the market, underscoring the undeniable strength of the team's experience, knowledge, marketing capabilities and engaged database.”

  • 19 Ulysses Avenue in ‘Ferndale Estate’ at $1,225,000
  • 19/33 Nautilus Street ‘Fronds Complex’ at $690,000
  • 205/206 Beach Club Resort Port Douglas at $1,125,000

Selling under the hammer

In March, Ray White held four on-site auctions, with three of them successfully selling under the hammer, resulting in a 75 percent clearance rate.
This exceeded the current auction clearance rate of 60 percent in Brisbane city. The next auction event is scheduled from May 12, with a ‘’Super Saturday" on May 13, providing opportunities for both sellers and qualified buyers.

If you're considering selling your property, spots are filling up fast for this collective auction campaign with auctioneer Milo Rasinac. Mark Flinn emphasises the importance of researching the market's evidence when selecting a real estate team to represent you in this changing market.

The team at Ray White has achieved impressive success since their opening. Picture: Ray White Port Douglas

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