Whitsundays residential markets and businesses still recovering in the wake of cyclone Debbie: HTW
The Whitsundays residential markets and businesses are still recovering in the wake of cyclone Debbie, according to the valuation firm, Herron Todd White.
There are still noticeable signs of recovery with Daydream and Hayman Islands closed to the public and boats filled with tradesmen travelling to Hamilton Island daily.
On a smaller scale, there are still a number of houses and units that are in need of repair.
The report states that, "In regard to tourism, the Whitsundays market has been experiencing a growth in domestic and international tourist visitors compared to the past few years."
"It is worth noting however that although visitor numbers have increased, tourists are staying for a shorter period and are spending less in the region, but this is as expected with some of the major attractions and smaller businesses still recovering."
This recovery is well reflected by the Mackay region unemployment rate, postulates the report.
In 2012 the unemployment rate was 3.2%; it rose to 8.4% in 2015 and is currently sitting at around 4.4%.
The report noted that, "We have started to see positive growth in the residential market of Airlie Beach and surrounding suburbs."
"There has been a significant increase in sales volumes from the third quarter of 2017 with a mild increase in the median sale price."
The rental market has increased at an unsustainable rate with gross yields at 5.6% and an average rental of $480 per week.
The region is looking forward to the completion of a number of larger projects including the reopening of Daydream Island.
"With the completion of these works, anticipate a significant number of workers leaving the region and this will most likely lead to an increase in the vacancy rate, as well as a decline in the median rent back to sustainable levels", the report suggested.
The report predicts that, as the construction work declines, tourism will continue to increase with a renewed appeal to the region.