Palm Cove Real Estate - Palm Cove Queensland - The Official Palm Cove Region Guide
Palm Cove Real Estate Investments 2011
Palm Cove is a popular destination for real estate investors who like to have the luxury of owning their own holiday unit, self contained apartment or holiday home in the ever popular tropical paradise location of Palm Cove in Queensland Australia.
Real Estate investors have always had a love affair with Palm Cove due to its beachfront location, its unique features of cobble stoned streets, colourful shopping village, swaying palms, beachfront restaurants, low rise holiday hotels, resorts and self contained apartments that offer tourists and real estate investors a balmy tropical paradise within Australia to escape the southern winters to relax with their friends and family.
Prior to the world wide financial crisis real estate investors had made big gains on the growth in value of their investment property but since then a decline has become evident in real estate values and borrowing money from banks has tightened up making it difficult for investors to borrow to purchase some of the great investment opportunities that a down market offers.
Recently banks have been releasing mortgagee in possesion properties and Palm Cove real estate agents are selling forced sales at great bargain basement prices for cashed up investors who are happy to wait for the good times to roll again and real estate prices to climb once more.
Now is the prime time to be getting into a flat market at prices that may not be ever be seen again.
The beauty of purchasing an investment unit, apartment or holiday house in Palm Cove is that you as the owner can use it for your own use during the year. In the larger holiday apartments or houses owners sometimes have a lockable cupboard where they store their own personal items for their use when they come on holidays.
Your investment in such a popular tourist destination such as Palm Cove offers the purchaser the opportunity to either holiday let the apartment or holiday house or put in a permanent tenant to pay of the balance of the mortgage and to maintain the investment.
See the local Palm Cove Real Estate Agents for some advise on investing in Palm Cove Queensland Australia today for some great bargains.
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Palm Cove Real Estate Investments 2009
The combined RP Data.Rismark International National Property Indices report confirmed that Australian property values have demonstrated exceptional resilience to the global financial crisis with overall property values falling by only 2.6 per cent during the 2008 calendar year. Including rents, the total returns to residential property were actually positive in 2008.
A local bank panel valuer recently advised at a workshop that 2008 was an interesting year with prices falling between 5% and 10% in various sectors of the market, with an average of 8%.
In certain market segments we have noticed the market has fallen up to 20 per cent, however the majority of owners are well off due to the overall growth in the past five years as compared to the last fifteen year period in Cairns. There has been increased enquiry since the turn of 2009. Granted that the sellers will not be able to get 2007 prices in the Cairns region, however we will be able to sell your property!
Interest rates are again on the way down and will continue to do so over the 2009 year. It is a great time to buy with the holding costs being the lowest in the last 50 years. Some clients who were selling have recently withdrawn their properties from market, as it has now and will become more affordable in the near future to hold a property in a rental situation until the market recovers.
Unemployment has been raised as a concern however with unemployment at under 5% this has previously been regarded as unattainable and the situation may not appear to be as grim as it is being portrayed, if it was to rise to 8%.
The Australian market has a shortage of housing, with buyers waiting for better circumstances; lower interest rates or rising incomes to facilitate their entry to the market. This latent underlying demand for housing is a factor that will support the market. This is encouraging as it does differentiate us from the United States market.
However, while monetary policy is easing, without question the banks' panel valuers are conservatively valuing properties. In some cases this has prevented contracts from proceeding due to the valuation price and bank lending value ratios.
Foreign investors are also looking to Cairns to purchase, being the third most popular city in Queensland for foreign purchasers. New Foreign Investment Reivew Board changes have relaxed conditions to stimulate further interest in our markets as of December 2008.