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1770 prices step back in time as beach towns await boom
THE holiday crowds are finally arriving in 1770 - Queensland's perpetual next Noosa Heads - where the financial crisis and last season's flood-driven washout have caused the price of a penthouse beach unit to crash from $1.5 million to $350,000.
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Everything may have been booked for Christmas, but the annual tourism figures were down as much as 40 per cent, just like everywhere else, she said.The idyllic twin towns of 1770 and Agnes Water have often been earmarked for a commercial greatness that has so far failed to come. There are skeletons of grand ambition, such as the half-finished Lagoons project gathering weeds behind a chain-mail fence on the edge of town. Just as there are fresh whispers of a new airport being built to usher in another wave of big development dollars.
But with Gladstone airport expanding just over an hour's drive to the north, that seems unlikely.
The reality is the banks are dumping their foreclosures.
According to Ms Skinner, the once $1.5m-$1.8m asking prices for beachfront penthouses at Loka Santi have slumped to a more realistic $350,000-$600,000. The average median house price in Agnes Water has slumped 20 per cent compared with the same time last year, according to RP Data.
Ms Skinner should know. Two years ago she paid $900,000 for a garden unit in the same block in which the penthouse was surrendered by the bank at a knock-down price. "It brought tears to my eyes," she said.
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