Despite the unprecedented growth in house prices in Sydney and Melbourne over the past 5 years, house prices have remained affordable in other cities and to a greater extent in regional areas.
The Cairns region with its reported population of 162,451 residents (according to the Cairns Regional Council website), tropical climate, and scenic surrounds has a very affordable median house price of $397,000 (as at June 2017).
While there has been increasing activity in the prestige market with higher numbers of sales of $1,000,000+ plus houses, there are still many bargains to be had in suburban areas within 20 minutes drive of the CBD.
This 3 bedroom house in Edmonton (approximately 16kms south of Cairns CBD) sold in March 2017 for $190,000.
The “renovator” house is sited on a 615m² allotment within close proximity to local services and amenities. The property was sold by Professionals Cairns South; see: https://www.realestate.com.au/sold/property-house-qld-edmonton-124325418
This 3 bedroom house in Manoora (approximately 5kms north-west of Cairns CBD) also sold in March 2017 for $190,000.
The house is sited on a 729m² allotment also within close proximity to local services and amenities. The property was sold by RE/MAX Cairns; see: https://www.realestate.com.au/sold/property-house-qld-manoora-124599422
For a bargain 4 bedroom house, this house in Woree (approximately 9kms south of Cairns CBD) sold in March 2017 for $265,000.
This “renovator” house is sited on a 907m² allotment. The property was sold by Garry Walker & Associates; see: https://www.realestate.com.au/sold/property-house-qld-woree-124386286
There are also some bargains available in the residential unit market, with some 1 bedroom units selling under $80,000 and even some 2 bedroom units transferring for under $100,000.
This 1 bedroom unit in Westcourt (approximately 3 kms west of the Cairns CBD) sold in May 2017 for $75,500.
This upper level unit is situated in a group with a pool and tennis court and was rented at $175 per week. The property was sold by DJ Smith Property; see:
This 2 bedroom unit in Manunda (approximately 5 kms west of the Cairns CBD) sold in April 2017 for $73,750.
This ground level unit is situated in a group with a pool. The property was sold by RE/MAX Cairns; see: https://www.realestate.com.au/sold/property-unit-qld-manunda-124797810
Although the Cairns local economy is displaying positive indicators at present, the residential property market has remained steady over the last 2-3 years and there are numerous affordable investments currently available in the market. Should the local economy continue on its improving trend, those affordable investments may start to disappear. Record low vacancy rates and rising rental trends will put pressure on market values, particularly as yields in general have been decreasing in many areas of the country in recent times.