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Buyers drawn to Magnetic Island

first_img8 Boulder Court, Nelly Bay, is on the market for $2.2 million.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Expected top sellers this year include 8 Boulder Court, Nelly Bay, which is on the market for $2.2 million.Numbers 19 and 20 The Cove, Nelly Bay, which are listed for $1.495 million and $1.65 million respectively, are also expected to be hot property as are 4/190 Apjohn St, Horseshoe Bay, listed for $850,000 and renovator 12 The Esplanade, Nelly Bay, which is listed for $650,000 and one of only five oceanfront properties available.“There’s definitely enough stock to meet demand but the thing with our island properties is that they are all different,” Ms Strens said. “No two properties are alike.” The Magnetic Island lifestyle was considered a huge drawcard. Picture: Zak SimondsSo far this year, 15 properties have sold for a combined total of $3.681 million with a number of contracts set to go unconditional over the next few weeks.Among those properties is 2/6 Terrace Place in Nelly Bay, with a Sydney buyer snatching up this luxury waterfront townhouse for a price in the high $600,000s.Offering 270-degree views over the marina and a private pontoon, the property represents the calibre of homes sought by investors. Magnetic Island.“The majority of those buyers are buying for the future so they generally use it for equity,” Ms Strens said.“We used to get tons of buyers from Melbourne because they like coming up here for winter but now we see more and more buyers from Sydney. “They chase good, quality properties that they can rent in the short term and they are not fussed about return in short term (as) they intend to retire there in the next five to 10 years.” Alex Strens from Best of Magnetic Island Realestate at 8 Boulder Court, Nelly Bay.Ms Strens, who facilitated the sales of three million-dollar properties last year, said investors had been making the most of the buyers’ market. “Last year we had a whole heap of premium properties selling on the island, mostly over winter because the island is a bit of a winter market,” she said. “I think we’re definitely set for another busy winter buying season ahead as, even over our quiet season, we had real consistency of sales but on the lower end of the market.” The northern side of Magnetic Island.UNMATCHED lifestyle and bargain prices are drawing buyers to Magnetic Island, with more than $21 million worth of property sold in the past 12 months.A total of 67 properties sold between May 2016 and April 2017 for a combined price of $21,252,000, with this number likely to be repeated over the next 12 months.While local buyers have contributed to the majority of sales over the summer period, agents are prepping for a southern buyers’ frenzy with winter the busiest time for investors, according to Magnetic Island sales specialist Alex Strens from Best of Magnetic.last_img read more

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