Tully real estate records highest FNQ median growth as wealthy property owners move in

Buyers with buckets of money are moving to this Far Northern town that was once falling apart, and they’re not bringing remote jobs with them, or looking for new work.

A LIFELONG Tully local and businessman who watched his community “fall apart” after two cyclones believes the town has everything it needs to attract new blood.

The wettest town in Australia was among four Far North suburbs to be ranked in Queensland’s top 10 areas for highest median price growth in the June quarter.

Data from PropTrack showed Tully recorded the largest rise in house values over the June quarter in the Far North with the median house price jumping almost 25 per cent.

Like many regional centres throughout the state, Tully also benefited from the capital city “Covid exodus.”

Tully was among four Far North suburbs to be ranked in Queensland’s top 10 areas for highest median price growth in the June quarter

However unlike its neighbours, the sugar and banana industry town did not attract a large working population who either brought remote jobs with them, or applied for local vacancies.

LJ Hooker Tully principal and resident of over 50 years Hercules Argyros said a lot of new buyers were simply “just happy to be here.”

“And these are not just elderly people, they’re middle aged, some are young. They’ve sold their properties down south, bought here, and now they’re in a good financial position,” he said.

“They’re just sitting on it and seeing where things go.”

Mr Argyros said following the devastation of Cyclones Larry and Yasi, where “you couldn’t pay someone to buy your house,” and without the advent of any major new industries, there was a point where he questioned the future of the town’s existence.

“Other than the mill, we had nothing in town. The businesses that service the bananas, they’ve done well. But you could shoot a bullet up the main street and not worry about a thing,” he said.

The Tully Sugar Mill.

“Now, there isn’t a day in the week where the main street isn’t busy.”

Mr Argyros said like the rest of the country, the town was now also facing a housing shortage for both rentals and buyers, but said it had the right amenities, hospitality, retail and recreation to encourage newcomers to stay.

“People would drive past Tully and not even blink, but when we tell the new buyers that we’ve got things to do here, bowls club, sporting clubs, cafes, a hospital, they’re happy with that,” he said.

“And the people we’re getting are happy to drive to Cairns for everything else they need.”

In terms of development Mr Argyros said he envisioned a retirement village would tick the final box to make Tully more liveable.

Originally published as Tully real estate records highest FNQ median growth as wealthy property owners move in