Cairns real estate: Cairns City Harbour Lights apartment sells for over $4m

A ritzy city penthouse with a price-tag to match has created a buzz among cashed-up local buyers, selling within six weeks of being listed for a whopping price. FIND OUT MORE

A RITZY city penthouse with a price-tag to match has created a buzz among cashed-up local buyers, selling within six weeks of being listed for a whopping price above $4 million.

Selling agent Steve Cordenos said demand for high-end properties in the Far North had skyrocketed and the two-level penthouse had drawn “a lot of activity” from interested parties.

The luxury three-bedroom apartment, located at Cairns City Harbour Lights had gained the most interest from Far North buyers, despite an increase of southern buyers snapping up properties across the region.

A penthouse apartment at Cairns City Harbour Lights has sold for more than $4 million. Picture: realestate.com.au

“The demand was really active. There were quite a few inspections, quite a lot of activity considering the price-tag,” he said.

“The interest came from both local and interstate people. But predominantly more local.

“There aren’t many (properties) on the waterfront and when you have a unique penthouse, for the right property the interest is high.

“It’s never been as high as now. I’ve never seen the demand as high as now for a top-end property.”

Mr Cordenos said the sale of the unit was close to a record.

“I think it’s the second highest sale of a unit ever. I think the first one was $4.5 million,” he said.

Cairns real estate: List of top sales as locals dominate luxury market in record year in 2021

But he thought the right time to buy a unit was now with the current state of the market.

“In Cairns overall, the market has boomed in housing and land,” he said.

“The unit market is still so undervalued in my eyes that it offers good opportunities for anyone looking to invest in the unit market.

A penthouse apartment at Cairns City Harbour Lights offers amazing water views. Picture: realestate.com.au

“If anyone was to build a brand new project today, when you look at all the units that have sold throughout Cairns, not just waterfront, you could never ever replace that.

“To build that new it would cost you 6000 a square metre or more.”

The property that just sold was almost 500 square metres.

Real Estate Institute of Queensland (REIQ) Zone chairman Tom Quaid said there was still strong demand for high-end properties.

“The most expensive ever sale ever sold in Cairns was that same apartment for $4.5m,” he said.

“So that makes it the most expensive apartment ever sold in Cairns.”

But she said he is seeing demand amongst locals.

“As much as people talk about the interstate market being cashed-up and that’s where the money is,” he said.

“There’s plenty of local money as well but people are waiting for the right place to come up. Something different or in a special location.”

This comes despite reports high-end buyers would be most vulnerable to recent interest rate hikes.

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The sale of a penthouse apartment at Cairns City Harbour Lights has proven there is still very strong interest in the city’s property market. Picture: realestate.com.au

The unit has three bedrooms, four bathrooms, a big balcony with a pool and two car spots.

Originally published as Cairns real estate: Cairns City Harbour Lights apartment sells for over $4m