While the market has slowed, investors are still snapping up properties in Weipa, keen to benefit from high rent returns.
DESPITE rising interest rates and increased cost of living expenses, investors are still eyeing off Weipa, a local real estate agent says.
“I sold six properties last month, all to out-of-town investors,” said Weipa Real Estate’s Deb Duffy.
“This month I’ve already sold four and two were locals and two were investors.”
Ms Duffy said there had been an adjustment to the market, however, Weipa was still providing a strong return on investment.
“Investors like Weipa because the rents are high and they are seeing a positive return,” she said last week.
“There’s no doubt the market has slowed since the start of July but it hasn’t come to a stop.
“In fact, my biggest problem is getting stock. I’m running out of houses to sell.”
In the past three years, Weipa Real Estate has sold more than 160 properties.
“When I arrived there were 135 properties on the market and now I have just 14 left to sell,” Ms Duffy told Cape York Weekly.
“We’ve even had people pull properties off the market because they know they will struggle to find another place if they sell.”
RATES TO RISE?
THERE is a chance Weipa’s rates could rise following an assessment of land values.
Weipa was among a handful of local government areas in the region that was assessed last year.
“The State Valuation Service’s team of almost 140 expert valuers gathered on-the-ground information, as well as undertaking desktop assessments, including research on property sales since the last valuation,” acting Valuer-General Suzanne Stone said.
“Their assessments will see new land valuations issued for properties by March 31.”
Ms Stone said the State Valuation Service valued a selection of Queensland LGAs each year.
“There has been significant market movement especially in rural Queensland and that is a reflection of continued confidence in the rural sector,” she said.
“Land valuations provide independent data that underpins decision-making and allows landowners to monitor the changing value of their land.
“Local governments and the Queensland Revenue Office may use this information as an input to their rating and land tax considerations.”
