WHY YOU SHOULD ‘GET OFF FACEBOOK’ AND START BUYING PROPERTY
TWO Cairns suburbs have been identified in the top five of 100 Australian suburbs for best return on investment.
The latest CoreLogic rental yield figures place Woree and Manunda in third and fourth.
The top 100 list was made up of suburbs where houses or units had an estimated gross rental yield of 5 per cent or more a year.
Queenslander specialist at iicon Portfolio Real Estate, Ken Higgins, said he was not surprised to see the two innercity suburbs high on the list.
“People want to be closer to the city and everyone is time poor,” Mr Higgins said
“With the travelling factor, with the northern and southern corridors now, the bottleneck is just getting worse.
“We haven’t seen that crazy price rise like Sydney and Melbourne.
“Our vacancy rate is now in some cases 1.5 to 2 per cent.
“The norm is 4 per cent. Find your new home in our comprehensive guide Realestate - Weekend Post
“We’re getting good returns there with 5 or 6 per cent returns,” Mr Higgins said.
CoreLogic data showed houses in Woree were selling for about $300,000 and yielding $373 at 6.5 per cent in the year to June.
Units were reporting a rental yield of 10.3 per cent.
Both houses and units in Manunda recorded slightly higher median prices than Woree, with rental yields of 5.8 per cent for houses and 7.9 per cent for units. QUEENSLAND must create 'multi-CBDs' to cope with a booming population because taxpayer-funded infrastructure will not keep pace, says leading demographer Bernard Salt.
Mr Higgins said the rise of Airbnb in Cairns had contributed to the high rental yields being reported.
“It’s cutting out that rental size so that brings the vacancy rate down and in turn that drives the rent up,” he said.
Mr Higgins said he was surprised there was minimal interest being shown by investors in Manunda, with the majority of buyers settling as owner-occupiers.
He said the interest from buyers looking at Manunda had picked up significantly in the past six weeks, compared to the first six months of the year.
With a QBE report recently stating house prices across Cairns were set to rise by 8 per cent by 2022, Mr Higgins expects more investors to become involved in Cairns soon.
“It doesn’t take much for Cairns’ (property prices) to kick,” he said.
“It’s not always the locals that drive our market,” Mr Higgins said. “It’s more the southern investors.” OVER OF VALUE* *12 Month Plan + Samsung Tab A subscription offer to be billed as follows: Digital Membership $30 billed approximately 4 weekly for the first 12 months, total minimum price $390. At the end of the initial 12 month plan period, subscriptions will automatically renew as $24 billed approximately 4 weekly. No cancellations during the first 12 months. Renewals occur unless cancelled in accordance with the full Terms and Conditions. A valid and active email address and Australian mobile phone number is required for account set up. Offer includes a Samsung Galaxy Tab A 8.0” 32GB Tablet Model SM-T290NZKAXSA (Wi-Fi only), pre-loaded with News Tablet apps. Tablet cannot be exchanged (unless faulty), nor redeemed for cash. Only one tablet per email address and per person. Once your subscription is active, we will supply your contact details to Harvey Norman Business & Enterprise who will deliver this tablet only to your Australian address registered with us for your subscription and will email you with dispatch details. We will deliver the Samsung Tab A tablet only to an Australian street address and not a PO Box address. Allow approximately 20 working days to receive your tablet. Available for a limited time. Not in conjunction with any other offer and new customers only. Not available to any person who has previously breached any of our subscription terms and conditions. Value calculated as at 21/08/2019 and based on Samsung Galaxy Tab A 8.0” 32GB RRP. Prices after the initial subscription period may be varied in accordance with the full Terms and Conditions. See www.cairnspost.com.au/subscriptionterms for full details. ^+Rewards are accurate at the time of publication, subject to change and provided you remain a member. For full +Rewards Terms and Conditions, please visit cairnspost.com.au/rewards.