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Penny Wood Lane

Penny Wood Lane

Boutique Real Estate Agency - Cairns, Far North Queensland & Mackay Region

3 days ago

Penny Wood Lane
Penny Wood Lane sales statistics last 12 months;54 Sales100% Sell rate (We sell everything we list)+ 4.65% List to sell price ratio (The average % difference from advertised price to contract price across all sales)11 Days on market (median)13 Street sales recordsIf you or someone you know is considering selling a property now or in the future in Cairns or Mackay please contact us to see if we are the right fit for you.Success is where preparation meets opportunity and the sellers that sell for street records are the ones that are most prepared.Paul BryanBusiness Owner0432 244 156 ... See MoreSee Less
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4 days ago

Penny Wood Lane
What constitutes an offer?In our business we only accept written offers on REIQ approved documents that are in accordance with QLD Law Society best practice procedures. Once these documents are signed by the buyers the written offer is presented to the seller. This is considered an offer to purchase a property.Verbal offers are nothing and anyone considering verbal offers needs to take precaution because they are non-committal and the goal posts can move around very quickly. The first step in our process involves an email to the buyer's requesting the information for a proposed contract. The information required is personal/contact information, full name/s of the purchasing entity, the defined terms/conditions of the offer , price and deposit specifics.When this email is sent we notice a lot of buyers simply disappear because this is when things start to get serious. So it is a way of determining the authenticity of a buyer.Once this information is received we then assist the buyers in presenting their proposed offer in the best terms possible. For example, in today's market there is stiff competition so offering lengthy finance terms and low deposit amounts isn't favourable and can result in your offer being dismissed. So we want to clean this up straight away the best we can.At this point we also guide buyers on where they need to be positioned on price based on what they have put forward. We don't lead people on and try to assist the buyers to do what is required for them to secure the property because they don't want to miss out.Once the proposed offer is in its best form we send the buyers a draft proposed contract. This is their opportunity to have a solicitor review the documents and make any final changes prior to the seller being presented with the offer.Once the proposed contract is signed and returned we then present the offer and and negotiate the deal.This is a general explanation and doesn't take into consideration multiple offer situations and specific negotiating conversations which is another topic we can discuss.So in summary an offer is only considered serious in our world when it's in the form of a document that can be signed and finalised by the sellers straight away. We never negotiate verbally and then send the contracts because this is a recipe for disaster.When you are purchasing property it's in your best interest to sign a formal offer because then the sellers know you are serious and it carries more weight. Anything verbal is just hear say and is very easily dismissed so make sure you set your intentions out and make your offer appealing to the sellers and their agent.If you have any questions about the process of making an offer please feel free you contact me anytime.Paul BryanBusiness owner0432 244 156 ... See MoreSee Less
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5 days ago

Penny Wood Lane
For Sale ~ Offers from $510k1/53 Westaway Crescent, Andergrove QLD 4740Lifestyle InvestmentThis easy-living lifestyle duplex in Andergrove has a simple, owner-managed body corporate (no ongoing contributions) and is a great opportunity for an investor, downsizer or first time buyer. The seller is motivated for an immediate sale and has instructed us to present all written offers to him at 6pm on Tuesday 18/02/2025.Property Highlights:* 3 Bedrooms + 2 Bathrooms + 1 Garage* Rental appraisal $600 per week* Insurance Policy with Suncorp – $1,248.46 per annum* Council Rates – $1,642.98 half yearly* Split-system A/C throughout* Stone bench tops to the kitchen & bathrooms* All new energy-efficient LED lighting and ceiling fans throughout* Low maintenance gardens and lawn locker* Elevated position with no rear neighbours* Constructed in 2014* Building and Pest Inspection being completed on 12/02/2025 - Available on request* 2 Minutes to the recently constructed ALDI, Andergrove Village & Oak Street Plaza* 7-10 Minutes drive to Mackay CBD* 7-10 Minutes drive to the Mater Private HospitalPrivate viewings commence Saturday 15/02/2025.For further information and to register for a viewing please contact Matt Bruggemann at Penny Wood Lane Boutique Real Estate Agency.*** Turf has been digitally added to the images due to the current unavailability. Turf will be laid in the backyard by the Seller prior to settlement *** ... See MoreSee Less
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1 week ago

Penny Wood Lane
Considering selling a property in the sub $750k range in Mackay?There could be some headwinds coming later in the year due to property valuations, investors shifting focus, greed factor, affordability restraints and lack of lateral movement. I’ve outlined some of these talking points below. My advice to those who are considering selling this year is to get moving with your process now so you that you and your property are prepared.* Townsville buyers shifting focus to Mackay - Townsville right now is swamped and not in a good way. If you are a southern buyer looking in Townsville you are staring down the barrel of some serious uncertainty so my view is that these buyers will be immediately shifting their focus to Mackay for an affordable entry point and strong return. The problem is that the market has already absorbed significant price growth and I feel the natural peak point has passed. In my view there are a lot of desperate buyers out there that may push the prices up further in the short term beyond a sustainable level and if this happens there will be some pain coming later in the year. You don’t want to be listing your property when the market levels out because the buyers may disappear if the value proposition evaporates which it will.Property Valuers are nervous - We are often seeing local property valuers undervalue sales and comment on their reports that the sale is high risk for their clients - The banks. The valuers can crash the deal at any time so if they feel the market is unsustainable they will put the handbrake on. When a property valuation comes in under the contract price the buyer is required to tip in more deposit or they request a price reduction to the valuation price. This is happening often in the current market and it’s a worry for sellers because the process places a ceiling on their sales price as most buyers won’t tip in more funds. Property valuers also have to protect the banks from lending too much for a property purchase in case that buyer defaults. If the buyer defaults the bank repossess the property and and sells it to recover their money. When this occurs the property valuer involved can potentially have a mark placed against their registration and this impacts their insurance, especially if the sales occurs at a loss point. So the property valuers won’t simply sign off on rising sales unless there is solid evidence to stack up the sale. The only way to avoid this happening to is sell to a cash buyer and most investors won’t do this because they want to borrow as much as they can for tax purposes. To summarise, if the valuation process spooks the investor market then more than half of the current buyers disappear and that won’t play out well for sellers.Greed Factor - In my personal opinion there are some ridiculously over priced properties coming on the market in Mackay. I don’t know how the sellers and their agents arrive at the price but this ‘greed factor’ interferes with the integrity of the market. You see if these properties sit around on the market they have an impact on the statistics and a lot of people, especially property investors are data driven. Southern investors are not buying up in Mackay for the food scene. They are buying because the data presents positive indicators for growth and rental returns. So when buyers see that the average days on market are extended and that properties aren’t selling they get nervous and tend to sit on the fence (days on market is also a requirement on valuation reports). We can tell this is happening by the conversations we have with people and the number of buyers that tag and save the listing in their search apps. If you are a seller and you are serious about selling your property you need to prepare your property so it stands out, employ a first class marketing process and have an attraction price. Over pricing your property significantly is a rookie move that may seem harmless but the sellers that do this will not only end up selling for less in the long run but they’ll stuff up the data metrics for everyone else.Affordability - The data we have collected and researched suggests that the entry level affordability tipping point is $500,000 - $550,000 for 80% of the entry level investors. So as the median house price rises above this level the investors move out of the market in to other areas or they shift their focus to different assets classes. If the Mackay market was to see the investor numbers significantly decline I believe we will see a market correction within 6-12 months. The reason being that the local buyers have a lower perceived value point than southerners who see our market as cheap. But even though it’s cheap these buyers are not living here so they only want to spend what they can afford on an investment. These people are not emotionally connected to the properties and not buying in the higher end. Lateral movement - If your are selling a property in the $600,000 - $750,000 price range there is a strong chance you are going to attract upgraders who are selling in the cheaper price ranges. So if they can maximise their property sale, they have more money to spend on their next purchase. If this situation changes then it flows on to other market segments and the lateral movement stalls. Sellers then find themselves in a position that it’s not worth moving without reaching a certain price and that price has gone as the investors disappear and soon becomes a memory. This is already happening in several other markets and is leading to a renovation boom. People are deciding to renovate their homes rather than trading because the cost/benefit isn’t worth it.For more information please contact me anytime to discuss as I’m happy to answer any questions to the best of my ability.Paul BryanBusiness Owner0432 244 156 ... See MoreSee Less
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