ISLAND PROPERTY SALES
HUGE TRAJECTORY PARTICULARLY ON RUSSELL AND MACLEAY ISLANDS
Property sales on our islands has literally ‘gone through the roof’ in the first half of 2020.
All islands have received property growth to the end of July, but particularly on Russell and Macleay Islands.
There is also a marked difference when the property sales have occurred and on which islands.
The information was provided to us by Chris McGregor of Bay Islands Property. The data was sourced from CoreLogic.
North Stradbroke, Coochiemudlo, Lamb and Karragarra Islands all received some growth, most of which occurred in the first three months of 2020.
Clearly the Covid 19 crisis has had an impact here, because there has only been a handful of sales since on those islands, with Lamb Island doing better than the other islands.
The huge impact, however, has been on Russell and Macleay Islands.
Rather than dying off during the Covid lockdown and crisis, the sales have been spectacular, particularly in May and June.
Right at the front of the pack, however, is Russell Island where property sales from January to July have totalled 293, with Macleay Island at 122, North Stradbroke Island at 26, Coochiemudlo 24, Lamb Island 20 and Karragarra Island 6.
The figures include 16 units that have been sold on Stradbroke Island.
The ratio between houses and land is interesting.
While house sales have been impressive, land sales have been up to four times higher, particularly on Russell Island.
The land sales for Russell Island in the half year stand at 211.
The chart on this page shows the breakdown of sales based on houses sold, land sold and totals.
It is believed that sales in August have also been very strong as well on Macleay and Russell Islands.
Russell Island has sold 211 blocks of land with Macleay Island 79, Lamb Island 12, Coochiemudlo 6 and Karragarra 4, Stradbroke Island 1.
In the majority of land sales, purchasers have indicated they have purchased to build with many wanting to take advantage of the Federal Government’s Homebuilder $25.000 incentive.
• ABOVE: The official sales figures.