I reckon the city, waterfront in particular is sensational.. Restaurants everywhere, beautiful presentation, plus Kuranda is a massive treat up the road.
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"Cairns surges ahead with 7 per cent median house value increase"
I think Aquis is a pipedream. The project is far too ambitious. If it does then it will be done on a much smaller scale than the plan is at the moment.
Sounds fairly realistic, I had my place revalued last month, it's increased just over 8% from what I paid under 12 months ago. Pretty happy with that.
Great! Ill get mine revalued in about a month. I would love to pull some equity to buy again in Brisbane
(Love poking the bear)
Go for it, hehe. As long as you know what you're doing. I just don't think it's a good idea for Southerners who aren't familiar with the different areas jumping in blindly.
Hi
For those interested, the latest Herron Todd White 'CairnsWatch' can be viewed below. Keep in mind that the data referred to here covers the broader region, as described in the first page of the report, so it's quite a different picture within the region and at the suburb level.
http://www.cairnswatch.com.au/uploads/uploads/201505fullreport.pdf
Cheers
Jen
Hi
For those interested, the latest Herron Todd White 'CairnsWatch' can be viewed below. Keep in mind that the data referred to here covers the broader region, as described in the first page of the report, so it's quite a different picture within the region and at the suburb level.
http://www.cairnswatch.com.au/uploads/uploads/201505fullreport.pdf
Cheers
Jen
Thanks, I have an ip for sale Daphne drive Redlynch rise cairns. Unfortunately can't wait for the property clock to tick to the top due to situation Im in but it's good to know the Market is on the move up there.Hi
For those interested, the latest Herron Todd White 'CairnsWatch' can be viewed below. Keep in mind that the data referred to here covers the broader region, as described in the first page of the report, so it's quite a different picture within the region and at the suburb level.
http://www.cairnswatch.com.au/uploads/uploads/201505fullreport.pdf
Cheers
Jen
My relo's house for $500-600k worth $350-450k now.
Can you provide:Funny this thread started in 2013. My relo's house for $500-600k worth $350-450k now.
Funny this thread started in 2013. My relo's house for $500-600k worth $350-450k now.
Deltaberry, your relatives must have bought in undesirable or unpopular areas as 5 years ago, that's $250,000 - $300,000 per property and worth today $175,000 - $225,000. Can't get too many houses in Cairns for $225,000 now, so I would challenge your "appraised opinion". No different from any other regional market - it has ups and downs. The Cairns market is on the way up - in fact, growth of 10-15% has been recorded in the past 15 months. 5% in the not so good areas.
I'm not who you replied to, but we're buying in Cairns and I could believe these figures if they relate to townhouses in the inner suburbs (which does fit the $250K/$175K equation).
Deltaberry said "My relative bought 2 houses there for $500-600k 4-5 years ago. They're worth $350-450k today"
2 houses, not townhouses. Sure plenty of townhouses around in the $175,000 - $250,000 range now and 5 years ago. Different type of property. Unless Deltaberry meant townhouses, but Deltaberry did say houses, and bugger ol' houses for sale in Cairns under $200,000 now.
If DBs post related to townhouses or units its possible depending on when they were purchased, it has nothing to do with any mini boom. The unit price collapse relates to rapidly increasing body Corp fees as insurance premiums doubled or trebled over a couple years post cyclone Yasi. The market pricing for units adjusted so a 7-9% gross yield is effectively a 5% return approximately.I'm not who you replied to, but we're buying in Cairns and I could believe these figures if they relate to townhouses in the inner suburbs (which does fit the $250K/$175K equation).
There are a lot of people in this area of the market who bought at peak (say 2010) who can't afford to sell because they owe more than the properties are now worth. We actually had two purchases fall over as a result. One was purchased at $260K and now worth $200K, and the other was $240K now worth $205K. The one we bought is underwater too - the owners bought at $235K and sold to us for $170K.
From what I can tell, this is mostly a feature of the low end of the market, and not seen so much at the higher end. A lot of people who bought in Cairns in that 2010-13 era were miners working FIFO (this was the case for both of our crashed purchases). They didn't necessarily understand the market, they just knew they had more money than they'd ever had and they should invest it, and in Australia, when you don't understand investment, you buy property because (wrongly) it feels safe. And I think they pushed prices up temporarily for everyone - you know, offered asking price straight off, over-paid at auction, that sort of thing. And, when you don't understand investment, you panic when it tanks, and chase the price downwards and sell, when really you should probably ride it out (a lot of these little places are cash neutral now, even allowing for buying at a premium, although that's a function of interest rates). So they created an artificial boom, and now they're creating an artificial bust.
Noting that this thread started with the AQUIS thing, though, I have my doubts how much this will change the market. At the end of the day, it just means more low-income hospitality workers. It will increase the pool of renters, but it won't change their profile much IMO. There might be a little mini-boom on rentals while it's being constructed, but I don't think it will change the fundamentals of the area.