Most Cairns residential properties sold under $500,000: HTW

A $500,000 outlay in Cairns can secure a modern suburban dwelling, according to Herron Todd White’s latest report.

The property advisory firm says that the majority of properties in Cairns are sold for under $500,000.

“A $500,000 property investment in Cairns will secure a well located modern executive style suburban dwelling, or alternatively an above average quality apartment in the Cairns CBD, located on the mid to upper levels of a near new high rise unit development.

“Indeed the purchaser or investor at this price level would find a large range of sectors, styles and locations available to choose from.

“However it remains impossible to spend $500,000 on a new apartment due to the absence of new unit construction at that level.

“The $500,000 mark in the Cairns market is relative to the current median price levels of approximately $414,000 for houses and $220,000 for apartments.

“Over the past twelve months, 75% of houses and 95% of apartments sold in Cairns have transacted under $500,000,” the report stated.

A three bedroom house at 24 Bathurst Drive, Bentley Park (above) was sold for $355,000.

A three bedroom unit at 6/108 Trinity Beach Road, Trinity Beach (below) was sold for $308,500.