Magnetic Island bargains lure buyers
CHEAP-as-chips units on Magnetic Island are attracting buyers back into the market.
CHEAP-as-chips units on Magnetic Island are slowly luring back buyers as mortgagee in possession sales heat up and homes cop further price slashings.
Compass Real Estate owner Cindy Tickle said while times were still tough for the island's property market, the rising number of houses and units up for sale at bargain prices had sparked more interest with buyers, including interstate investors.
She said some Nelly Bay units had even sold for less than half of what they were originally bought for most notably at One Bright Point.
"Investors are looking at the island a lot more carefully,'' she said. ``But I'm also securing two contracts at the moment for people that are moving to the island.
"One is a young family and the other is a retired couple from Sydney.''
Mrs Tickle said the rise in mortgagee in possession sales, coupled with the school holidays, had sparked recent increased buyer interest. However, with predictions the island was still some way off getting back on its feet there was still little to celebrate.
"They are predicting market prices could go down further,'' she said. ``Sales are getting a little better . . . but there's a lot on the market.''
Smith & Elliott Magnetic Island agent Alex Strens said some of the hottest bargains had sparked more interest but felt it had mostly come from local buyers who'd kept their eye on the island for some time.
"Honestly investment wise, it's not that great here . . . but buyers are seeing the great prices on the island and there's only a finite number of properties here so it's limited,'' she said.