A HALLS Head property has broken a drought on multi-million-dollar sales in Port Mandurah.
The four-bedroom, two-bathroom home on Genevieve Court sold for more than $2 million this month.
Selling agent LJ Hooker Mandurah property consultant Renee Hardman said there had not been a sale over $2 million in the area since November 2016.
The home sold in just over five weeks; by comparison the previous $2 million sale was on the market for well over a year.
“In the last month there has been a lot more confidence in the top end of the market,” Ms Hardman said.
“Recently I have had buyers from Sydney, the Gold Coast, Perth and a couple of farmers looking in the $2 million-plus range, while in the last 12 months buyers have been hard to find.”
Ms Hardman said there were definite signs the Port Mandurah market was improving.
“Buyers know there will be no more land available in the canal development after the islands and it is still cheaper to buy established homes than build; some properties are on the market for below replacement costs,” she said. “I have a lot of people looking for homes under $1.5 million at the moment, but there is not a lot available.”
The increased activity in the market was not limited to higher price brackets.
Ms Hardman said people were realising Mandurah offered good value and they could get a lot for their money.
“Homes can be purchased in Mandurah less than 1km from any waterway or beach for less than $400,000 and units within walking distance of town and water can be bought for under $300,000; these are being snapped up now,” she said.”