By Herron Todd White
The Cairns residential market has held up reasonably well in recent months with values remaining fairly resilient although transactions are down as a result of reduced supply (vendors pulling properties from the market or not proceeding with listing) and purchasers are mainly looking for owner-occupied housing. Investors have mostly disappeared. An increase in the supply of rental property shifting from the holiday letting market back to the permanent market seems to have reversed with available rental properties on realestate.com.au falling back to pre-COVID-19 levels in June 2020. The fate of the Far North Queensland property market now rests in the Premier’s hands as with closed borders our prospects are dire. We are concerned about how the market will hold up in 2021 once government support and stimulus measures have finished and mortgages can no longer be deferred.
As for our topic, $700,000 is a reasonably healthy budget in Cairns if you are looking for a better than average family home in a good suburb. You probably won’t get a view unless the house needs some work.
$700,000 won’t get you into rural residential properties in Redlynch or the Northern Beaches, however properties around Gordonvale would be available.
Owner-occupied units in the CBD or on the beaches are available however with the lack of construction in recent years, the unit will be ten-plus years old and possibly showing its age.
In the regions (Douglas, Atherton Tablelands and Cassowary Coast), $700,000 will buy you a really nice residential home or a slightly above average rural residential property. You’ll struggle to find anything with Tinaroo Dam frontage or larger rural lifestyle properties (above three hectares) on the Tablelands close to the major towns. We are seeing an increase in activity and prices for hobby farms around this value level throughout the Southern Tablelands.
$700,000 will go a long way in the Cassowary Coast with most areas showing strong value relative to the Atherton Tablelands, although this is mainly due to inferior economic conditions and climate.
Speak with a Cairns Mortgage Broker today.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.