Mayfair 101 takes a shine to Mission Beach
Residential house and land prices are expected to rise sharply in the north Queensland holiday township of Mission Beach, given Mayfair 101 has bought up more than 100 properties since last September.
“We are already seeing an increase in prices across the board, the agents have indicated there is more liquidity in there,” said James Mawhinney, Group Managing Director of Mayfair 101.
“We are very much long-term investors, certainly with larger blocks we will subdivide, sell off and/or develop. It gives us the ability to have a degree of influence over pricing in the region.”
Mayfair 101 has purchased a variety of residential properties ranging from vacant land located within minutes of the beach for as little as A$55,000 to a beachfront mansion for A$2.53m.
Mr Mawhinney expects to buy more than 250 properties in the Mission Beach region over the next year.
Mission Beach was decimated by Cyclone Yasi’s estimated wind gusts of up to 285km/h almost 10 years ago. The median sale price is $370,000, up nearly 23 per cent in the past year against a national average change of 4.3 per cent.
“The great thing about Mission Beach is a lot of the lots are very large which may lend themselves to further development of those land parcels,” Mr Mawhinney said.
Mayfair Iconic Properties’ settlements have already contributed to a significant boost to local property values, with CoreLogic showing considerable median price growth compared with 12 months ago of 30.5 per cent in South Mission Beach, 23 per cent in Mission Beach and 23.3 per cent in Wongaling Beach.
These three suburbs contain more than 95 per cent of the properties in Mayfair’s burgeoning property portfolio, representing strong early capital growth in line with the group’s investment strategy.
Mission Beach Real Estate agent Steve Wiltshire said there was already a shortage of prime beachfront properties because of Mayfair 101’s acquisitions. “We cannot develop any more beachfront, most people don’t realise that, they think it is endless.”
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