By Herron Todd White
$500,000 in Cairns is above the median house price and well above the median unit price so with that amount of money in your back pocket you should have a reasonably pleasant house hunting experience, although it is the bottom end of the range for a house in one of the better regarded suburbs close to town.
The first decision to make will be what is most important – the location or the house? In the southern corridor for example, $500,000 will buy a very nice modern home of good size in an average location. In Edge Hill or Whitfield it will buy a nice block of land with a house in need of fairly significant renovation. Closer to the city in Parramatta Park or Cairns North, it will buy a reasonably nice Queenslander. On the Northern Beaches, it will buy a nice home in a newish subdivision or an older home in an older established area closer to the beach. There always seems to be a trade-off around this price point.
$500,000 is generally not first home buyer territory in Cairns so you will be competing with others who probably have a bit of equity and know what they are looking for. You will be priced out of the rural residential market and most CBD apartments with views that are large enough to live in.
Speak with a Cairns Mortgage Broker today.