$1M+ AUD House Sales on the rise in Cairns

High Value House

The number of house sales transferring with a price tag of over $1,000,000 in the Cairns suburban areas has been increasing steadily over the past few years, despite median price statistics showing relative stability in values.

The 2016 calendar year experienced 29 house sales with a price tag of over $1 Million, up 11.5% in sales volumes from 26 house sales in the same price category from the year prior. In fact the 2016 calendar year experienced more $1M+ price sales than any year prior.

Since 2014 there have been 26-29 house sales over $1 Million occurring in the Cairns region, in comparison to only 12-15 sales per year in the same price category occurring between 2011 and 2013.

The 2016 calendar year also experienced 10 Unit Sales at or above the $1 Million mark, being the highest number of sales in the price range since 2009 around the time of the GFC.

$1M AUD Cairns House Sales Graph

The highest sale price achieved for a house in the Cairns Region in the 2016 calendar year was $2,000,000 for a 5 Bedroom 4 Bathroom dwelling sited on a 30.6 hectare allotment with surrounding rainforest.

The property is located in the suburb of Earlville within 10kms from the Cairns CBD. The property was reportedly sold by First National Real Estate Cairns Central.

Source: https://www.realestate.com.au/sold/property-house-qld-earlville-123208902

Source: https://www.realestate.com.au/sold/property-house-qld-earlville-123208902

Upper end market sales have occurred both via local real estate agents and via off-market transactions. Realestate.com.au shows 6 house sales with a price tag of $1M or more occurring in the Cairns region to date in 2017, plus 5 unit sales above $1 Million.

Many participants consider that Cairns continues to offer good value in the upper end price bracket and demand for such properties appears to be remaining relatively stable to strong.

 

Note: The above information has been extrapolated using third party data for the Cairns suburban region with the main source being Property Data Solutions Pty Ltd. Not to be used, relied upon or republished without prior authorisation.