Loyal buyers feel at home
FAR Northern homeowners hold on to their properties for at least 10 years.
The Cassowary Coast region had the longest average holding period in the Far North at 14.4 years, according to September’s CoreLogic report .
The average holding period across the Cairns Regional Council area was 10.8 years with homeowners in Bungalow showing the most loyalty. The average holding period was 16.9 years in the suburb , with 17 homes sold in the past year at a median of $323,000.
Re/Max Real Estate Services Cairns broker-owner Tony Williamson said Bungalow’s reported holding period was not surprising.
“I’ve sold houses in Bungalow where people have lived in that home for 50 or 60 years,” he said.
“A lot of the time it’s people moving on to retirement homes.”
Mr Williamson said it wasn’t just older residents that contributed to the 16.9-year holding period figure.
“Not being disrespectful but it’s not a sought-after area for first homeowners.
“But it should be. We call a lot of first home buyers Facebook buyers. They want to show the house they bought on Facebook to impress their friends.
“You’re not going to buy a house in Bungalow that’s going to impress your friends but the reality is that Bungalow is going to be one of those areas that has the most capital growth because of the convenience it offers.
“It’s three minutes’ drive to Cairns Central.”
He said Bungalow was becoming a popular area for commercial purposes.
“The average house in Bungalow would probably be 70 years old.
“We’re selling quite a few houses that people are turning into workshops or commercial premises.”
Mr Williamson said based on trends in larger cities, he expected Bungalow to record substantial capital growth. The fastest growing schools in Cairns have been revealed. Did your child’s school make the list? 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.