Real Estate
19 June, 2024
Rising values in city market
MARKET conditions throughout the Cairns Regional LGA remain strong with good sales activity and rising value levels, according to the latest Herron Todd White report.
Director Danny Glasson said there was a lack of stock in most market segments and this imbalance in supply and demand was resulting in intense competition and sale prices above expectations in many instances.
“Houses or units in the inner to middle ring suburbs don’t typically represent good buying, however this is the reality of the current market and market conditions are not expected to weaken given the continued lack of supply,” he said.
Mr Glasson said Property Data Solutions rated the median price of houses in the Cairns Region LGA at $600,500 as of March, 2024.
“At the median house price, your purchasing power is limited in inner city locations around Cairns City,” he said.
“In the inner-city suburb of Parramatta Park, a budget of $600,000 would buy a circa 1940s, two level, two-bedroom, one-bathroom partly-renovated residence on a 400 sq m lot.
“A middle ring suburb approximately 8km from the Cairns city centre would allow a purchaser to achieve more amenity at the median house price. In the western suburb of Brinsmead, it would be possible to purchase a circa 1999, on-ground detached, four-bedroom, two-bathroom residence with a two-car lockup garage and patio on a 700 sq m lot.
“Your purchasing power could achieve significantly more in the outer southern suburb of Edmonton, located approximately 13km from the city centre. At the median house price of $600,500 it would be possible to purchase a new, turnkey, on ground detached, four-bedroom, two-bathroom residence with a two-car lockup garage and patio on a 514sqm lot.
Mr Glasson said Property Data Solutions had marked the median price of units in the Cairns Region LGA as $331,500.
“At the median unit price your purchasing power is limited to a semi-modern, two-bedroom, one-bathroom unit in the inner city suburb of Parramatta Park,” he said.
“In the middle ring suburb of Mooroobool, approximately 7km from the Cairns city centre, the median unit price of $331,500 would achieve slightly more quality with the purchase of a circa 1992, two-bedroom, one-bathroom unit with one carport, patio and courtyard area. There are a limited number of unit complexes in outer southern suburb locations however it would be possible to purchase a circa 2000, three-bedroom, two-bathroom unit at White Rock, 9km south of the Cairns CBD.”
