Reduced demand for investment properties has driven unit prices in Far North Queensland down to prices like $55,000, for the first time in nearly nine years.
Yes buyers can now buy units in Cairns for 2001 prices! BUt beware this does not make them a good investment.
At the same time some Gold Coast beachfront properties have plunged by as much as 50 per cent since the peak of the boom in 2008.
Real Estate Industry of Queensland Far North zone chairman Rick Szelpuk was reported in the Cairns Post as saying he believed units in Cairns had not sold for less than $70,000 since 2001.
“It’s the lowest I’ve seen in a while,” Mr Szelpuk said. “All we can say is we hope they don’t get any lower, but they will go up eventually. I’d like to think 2011 will be a lot more fruitful than the last two years.”
REIQ figures show the median housing price in Cairns has sunk by 14.5 per cent in the last quarter, down to $245,750.
Don’t be tempted into buying holiday properties as an investment – no matter how cheap they may seem. These are not “investment grade” properties.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.