Frequently Asked Port Douglas Real Estate Questions
Why should I consider buying property in the Port Douglas-Cairns region?
Location, Location, Location the three things we are all told to look for when buying any property. The Port Douglas-Cairns region of Australia offers financially secure long term investments in a real estate market with unrivalled potential and position.
What are the best areas of Port Douglas for investment?
The entire peninsula, particularly on the beach side of Port Douglas road.
Where do I get good returns on my investment?
The sale price of units in Port Douglas is closely related to the income they generate. For a Port Douglas investment apartment to be successful it needs to be in the hands of successful on site managers.
Where is the best capital growth in Port Douglas and surrounds?
Freehold land and Port Douglas residential land, close to Four Mile Beach.
Am I better off buying a unit or a house in Port Douglas?
That all depends on the amount of money you wish to outlay and the purpose of your Port Douglas investment. This is best discussed at length with one of our professional real estate sales consultants.
What are the advantages of having a permanent tenant in my Port Douglas investment property?
Regular income makes it easy to manage your financial affairs.
How do Port Douglas holiday letting units work?
They are managed by an on site manager who acts on your behalf.
Port Douglas on-site managers are qualified and regulated by the Queensland Government Office of Fair Trading and the REIQ (Real Estate Institution of Queensland), they have a restricted letting license enabling them to maintain and balance a trust acc on a daily basis they are generally also responsible for the marketing. When you buy a strata titled holiday unit its is more than likely to be under management.
How are Port Douglas holiday units managed?
By the appointed on site manager
What costs are involved?
Body Corporate, Douglas Shire Council Rates, Marketing, management and Cleaning
What returns can I expect to achieve from holiday letting units?
Depending on the location in Port Douglas, the management team and whether or not it is pooled income or individual income.
What does Strata Titling of units mean?
Refers to the interior of the unit
How does a Body Corporate work and what is my relationship with a Body Corporate?
Body Corporate is an entity made up of all the owners, as an owner you are a member of the Body Corp. The Body Corp has a president treasurer and secretary. Meetings are generally held quarterly or annually. However, should you desire an extraordinary meeting can be called.
How do On-Site managers look after my property?
They receive a wage from the body corporate to look after everything 24hours a day 7days a week.
What are my obligations as an owner and how does the relationship with the manager work?
As an owner you are obligated to pay for any repairs and damages or loss of equipment to the apartment, you can contact the on site manager at any stage to ask any questions with relation to your apartment or if you want to find out when its vacant so you can come for your annual holiday to Port Douglas.
What agreement do I have with the onsite manager?
You will sign a PAMD 20 A form with an annexure of fees and charges attached. The 20 A is the standard agreement form between the management and owner it allows the on sit e manager to let your appt on your behalf and states the commission and fees involved. The annexure details items like light bulbs teaspoons cups glasses ect that may need to be replaced when damaged or broken.
What are the Douglas Shire Council rates for various properties and what do they cover?
Rates cover water, sewerage and garbage costs. They vary from $1400 per annum upwards, depending on whether it is a unit or house and on its location and land value.
How much stamp duty is charged for Port Douglas investment property purchases versus owner- occupied purchases?
Stamp duty in Queensland is less than that in other states in Australia. It is cheaper for owner occupiers than it is for investors in Queensland. Century 21 Port Douglas can supply the chart with the fees, or alternatively you can log on to the government website and check the current stamp duty rates at www.osr.qld.gov.au/taxes/stamps
What is the First Home Owners Grant (FHOG) and can I purchase a Port Douglas property and receive this government grant?
To offset the impact of the introduction of the goods and services tax (GST), the Commonwealth has requested that the States and Territories assist first home buyers through the establishment of the First Home Owner Grant, to find out more and see if you are eligible to apply log on to http://www.firsthome.gov.au/
Are there tax advantages in owning a rental property in Port Douglas?
The Tax advantages are attractive. All costs relating to your investment property are tax deductible. For example Body Corporate costs, rates, interest on loan, management fees, repairs, improvements and travel to Port Douglas to inspect the property.
How am I best to pursue a loan to purchase an investment property in Port Douglas?
You can visit your own bank or visit a Port Douglas Bank or Port Douglas Broker.
How do contracts get put together and what is the basic format?
The contracts are prepared by the Port Douglas real estate agent. These are very straight forward and have been previously prepared by the Queensland Law Society. Copies are available from Century 21 Port Douglas Real Estate for your perusal.
What are the warning statements about?
The two warning statements with contracts relate to : (a) advising buyers that they have a 5 day “cooling off” period, and (b) that the real estate agent must disclose that he/she is paid a commission to sell the property.
How much deposit is required and what are the time constraints for finance approval, inspections and settlement date?
Generally buyers pay between a 5% to 10% deposit. Finance approval is usually given within 14 days. During the period pest and building inspections can be organized if the purchase requires. Settlement usually occurs within 30-60 days.
How are properties sold in Port Douglas?
Much like the rest of Australia, property in Port Douglas is sold by private treaty, tender or auction. Although with the greater percentage of investment property being sold in Port Douglas, auctions tend to be less successful than private treaty.
What is the difference between Port Douglas properties being displayed for sale openly by several agents versus by an Exclusive agency?
Some owners prefer to have their property for sale as an open listing, giving two or more Port Douglas real estate agents the right to sell their property. Other owners give their property exclusively to only one Port Douglas real estate agent. Often a secondary agent may introduce a buyer to the Exclusive Agent on a conjunctional basis. In this instance, both real estate agents share the commission on the sale.
What is the difference between a tender process and an Auction.
At auction the buyer must be able to proceed to contract on an unconditional basis. Where as the private treaty and tender process allows potential buyers to include a condition of sale such as finance approval.
How do I determine the value of a Port Douglas property I wish to purchase?
At Century 21 Port Douglas, all real estate agents present a comparative market analysis to potential buyers. The information compiled is based on actual sales of Port Douglas property that is comparable to the property you are looking to buy.
Alternatively you can pay for an independent valuation.
Can the Port Douglas real estate agent present an analysis to me justifying a purchase price?
All real estate agents in Port Douglas should be able to present analysis justifying the purchase price of a property.
Is there any evidence available to show comparative, recent sales in the Port Douglas Area?
Century 21 Port Douglas is more than happy to point out these areas to potential buyers.
How much experience does your sales staff have? Are they competent in providing experienced, justifiable knowledge of the real estate market in the Port Douglas-Cairns area to ensure I am purchasing soundly?
The 7 real estate agents at Century 21 Port Douglas have a total of 93 years of Port Douglas real estate experience behind them. The Century 21 Port Douglas real estate agents pride themselves on their knowledge of the Port Douglas Property market and will always be able to present potential buyers with the facts and history of any particular property they are looking to purchase.
If relocating to Port Douglas-Cairns as a permanent resident are there areas more suitable than others?
The real estate agents at Century 21 Port Douglas can discuss your needs and requirements with you in detail before recommending the most appropriate precinct of Port Douglas for you. For example, families with young children re-locating to Port Douglas would be best in the Port Gardens, Reef Park area which is ideal with the primary secondary school close enough to walk to and is also only a short distance to the supermarket. Alternatively young singles, and couples would be more ideally suited to the Four Mile Beach area or closer in to town where the majority of employment is.
