The prices of mansions have collapsed in the tropical north Queensland resort town of Port Douglas
One of the worst examples was the fall in the asking price of futuristic Alkira, owned by stamp collector Rod Perry and his wife Marider. Sprawling out over its own man-made lake and designed by noted architect Charles Wright, the property was listed for $14 million throughout the second half of 2014. It now has an asking price of $8.8.million.
Kalimna, the nine-pavilion mansion of Just Jeans founders Craig and Connie Kimberley, was listed at just under $9 million in late 2013. The asking price has been cut back to $6.5 million.
Port Douglas has not recovered fully from the global financial crisis.
Before the GFC, it was not uncommon to see 54 houses being sold up there.
According to Core Logic RP Data, there were just seven sales in the first three months of the year
Mark Flinn of Ray White Port Douglas says sales at the top end of the market are limited to one or two a year.
He told the Australian Financial Review that sales at the top end were a “complete niche market.”
“There’s been a three-year upward trend in Port Douglas since the market bottomed out following the GFC. There’s good growth again and plenty of activity in the $1 million to $3 million range,” Mr Flinn said.
“We get a lot of buyers from Sydney and Melbourne, but don’t see a lot of overseas interest.”