Shock as cheap Cairns home smashes bigger neighbour’s price
Cairns home prices are surging so fast that a two-bedroom townhouse has sold for more than a neighbouring unit twice its size did last year – and double what its owner paid.
Cairns home prices are surging so fast that a two-bedroom townhouse has sold for more than a neighbouring unit twice its size did last year – and double what its owner paid.
The 94 sq m Parramatta Park townhouse, just a short walk from the CBD and the Esplanade, sold on Thursday for $410,000 – the cheapest Cairns property sold this past week.
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The owner bought the property seven years ago for $192,000 in a complex with an in-ground pool and open-plan homes.
The sale set a new record for the complex, surpassing a 214 sq m neighbouring unit that sold for $371,000 last year.
Ray White Cairns, Cairns Beaches and Palm Cove agent Ray Murphy co-listed the home with colleague Ben Keene. The listing suggested a rental appraisal of $500 –$530 a week for the property.
Calculations show that with a 20 per cent deposit of $82,000 and a 5.6 per cent principal and interest rate – the average listed by the Reserve Bank for investors – weekly rent of around $500 would cover $3,200 in annual rates and $1,883 in monthly mortgage repayments.
The townhouse was described by agents as a “fantastic opportunity to secure a two-bedroom property in the vibrant, inner-city location of Parramatta Park,” ideal for first-home buyers or investors.
Originally published as Shock as cheap Cairns home smashes bigger neighbour’s price
