Cairns Property "Cheapest in Queensland" - Real Estate agents

Cairns Real estate prices are at a 10 year low, representing bargain buying for first home byers and investors.  With 4 bedroom homes from as little as $170,000 in centrally located Manunda, REIQ (Real Estate Institute of Queensland) Cairns chairman Rick Szelpuk predicts a surge of investor interest in the region, as much of Coastal Queensland is currently highly priced and rising.  Cairns represents excellent buying value and a high quality of life matched by few other Australian cities.

Cairns Real Estate prices softened by tourism woes

Cairns has long had a boom/bust type real estate market, frequently riding on the strength or weakness of tourism and the myriad factors which affect it.  Currently the high Australian dollar means Australian and international visitors are choosing cheaper destinations: reports from those who come though are great: Cairns was ranked as the top tourist destination in Queensland in a recent Tripadvisor survey, beating other popular destinations Like the Gold Coast, Noosa and Port Douglas.   Read more at top tourist destination in Queensland? Cairns:

Read more about Cairns accommodation, Cairns Real Estate and other Cairns News at inCairns.net

Read more Coverage of Cairns Real Estate prices at the Cairns Post: http://www.cairns.com.au/article/2011/05/18/164585_local-news.html

Excerpt below:

Cairns Post Real Estate: Opportunity knocks for Far North investors, first-home buyers

Cait Bester

Wednesday, May 18, 2011

© The Cairns Post

Good timing: A range of property bargains is currently available in Cairns for first home buyers and investors.

 

THE dream of owning a home is more in reach in Cairns than any time in the past decade, with four-bedroom homes on the market for as little as $170,000.

Agents believe the Far North's range of property bargains will attract first home buyers and investors and spark a recovery in house prices.

While the market is proving to be extremely tough for people selling their homes, high numbers of potential buyers have attended open homes in recent weeks.

Low rental vacancy rates are also contributing to a surge in buyer interest, with some mortgage repayments costing around the same as the cost of renting.

Bargains currently on the market are:

4-bed, 1 bath at Manunda for $170K

3-bed, 1 bath at Mooroobool for $180K

3-bed, 2 bath at Edmonton for $259K

A four-year-old home with three bedrooms and two bathrooms at Forest Gardens is for sale at $299,000 negotiable.

Remax Cairns owner Tony Williamson said Cairns was currently among the cheapest regional cities in Queensland.

"The prices we are seeing in today's market are outstanding, we're selling a house for $170,000, these sort of prices haven't been seen since 2001," he said.

"First home buyers really should be considering the Cairns market, with a deposit, their mortgage repayments are less than what they are paying for rent.

"For a long time Cairns was known as an expensive place to purchase a property but once investors identify Cairns as a great opportunity they will be back as they know Cairns will recover and it will push our demand down therefore it will help push our economy back up."

Houses in other regional centres such as Mackay, Townsville and Bundaberg are far more expensive than similar properties on the market in Cairns.

The average price for a four-bedroom home in Mackay is between $500K and $800K, while in Townsville $400K and $650K.

A similar house in Cairns can be found for between $250K and $380K.

"With many of Queensland's regional towns still booming our property market prices are unheard of - it's certain to say that Cairns property market is the cheapest in Queensland and maybe nationally," Mr Williamson said.

REIQ Cairns chairman Rick Szelpuk said there was an element of correction in today's market compared to that of five years ago.

"To say there has been an adjustment to the market`s prices, there would be some truth in that, however, the perceived GFC and with lack of confidence of what has been going on in Cairns, such as natural disasters and businesses closing their doors, has seen a slow recovery in the market," he said.

"In saying that this is an outstanding market for first home buyers and investors and I have no doubt that both will be back in the very near future."