Port Macquarie Attracting Investors

Sydney Morning Herald

Saturday January 29, 1994

Nearly 50 per cent of houses sold in Port Macquarie last year were priced between $100,000 and $150,000, while 33 per cent of homes sold for between$150,000 and $200,000.

Investors from Sydney and locally have become increasingly interested in the area, according to Elders Real Estate Port Macquarie agent Garrie Teasdell as properties are available from $80,000.

A three-bedroom townhouse at 25 Leana Street sold last month for $113,000 and currently returns 7 per cent gross.

The area has a variety of property types to offer, with rural, residential and land available.

The district used to be used mainly for dairy farming, but most large acreages have been divided into smaller blocks.

Buyers are often hobby farmers, buying enough land to run 30 or 40 cows but not enough to be used for a primary source of income.

A three-bedroom house on 2.3 ha sold last November for $345,000. The house at 212 Oxley Highway had a pool and four stables. A three-bedroom house at 202 Oxley Highway on 2.4 ha with guest accommodation sold last month for $320,000

Land blocks are popular and sell quickly. At the Meadows Estate 26 blocks of about 700 sq m were released last November and 23 were sold in that month. The average price was $49,000.

An unusually large property was listed recently by the television personality, Peter Russell-Clarke. His 416 ha Hastings riverfront property, Boytrang, will be auctioned on February 11 by Elders Real Estate Port Macquarie.

Boytrang is a former dairy farm and includes river flats, grazing country and steep hill terrain. There are also pockets of rainforest, and the area has been preserved from logging, featuring 1,000-year-old arctic gum trees.

The property is located 30 minutes west of Wauchope and a 45-minute drive to Port Macquarie.

The three-bedroom house on the land has a pool and there is a second home of fibro and iron. There are sheds, yards and an old dairy. Mr Russell-Clarke intended to develop a healthy lifestyle resort on the land, and as such it would suit a rural tourist facility, or grazing.

The property is expected to fetch upwards of $500,000.

A larger block of 1,330 ha at Kundabung sold last November for $790,000. The property had a three-bedroom house, a pool and a manager's cottage.

© 1994 Sydney Morning Herald

Back to News Index | Back to Home