Where to buy under $300,000
CHEAP digs are as rare as hen’s teeth these days, but bargains further afield can still be snapped up for less than $300,000.
Dimbulah, East Innisfail, Ravenshoe and Babinda have been named as the top places to buy cheap property in the Far Northern region.
In Dimbulah the median house price is listed at $162,500, according to RP Data.
Agent Matt Powe said houses priced below $300,000 were extremely rare in Cairns, but he recently listed a Parramatta Park cottage for offers over $290,000.
“We tried the early $300,000s on the property but had to dip to the high $200,000s to attract a buyer,’’ Mr Powe said.
The two-bedroom workers’ cottage on Severin St was purchased last week by a Cairns-based solicitor.
“It had been renovated but there was scope there to improve it,” Mr Powe said.
“It was two bedrooms but the second bedroom is quite small.
“There are a lot of properties in the $300,000s because you are approaching the median price range but it’s pretty rare under that price.”
According to recent data there are 15 towns and suburbs with a median house price under $300,000 but many are located south and west of Cairns. “The more remote places are always going to be cheaper,’’ Mr Powe added.
Mareeba Property Office agent Sophie Bozzo said now was a good time to buy with interest rates being so low.
“You can buy a new home in Mareeba in the high $300,000s to early $400,000s and most of the older style concrete block houses with three bedrooms sell for around the high $200,000s to $300,000,” she said.
“The renovator homes are selling in the low $200,000s and there has been an increase in demand for these types of properties.” Ms Bozzo said she recently sold a house in the low $200,000s to a Cairns resident and another to a local investor.
Another cheap property was sold to investors who lived on the Tableland.
“The buyer from Cairns is going to rent it out for a little while and eventually move up to live, Ms Bozzo said.
“You can still find a bargain in Mareeba.”
Buying property at a low price point can also lessen debt worry, according to Mortgage Choice brokers.
According to this week’s release of the 2015 Mortgage Choice Money Survey, 53.6 per cent of Australians indicated that they were either “very worried” or “concerned” about their finances.
Mortgage Choice spokeswoman Jessica Darnbrough said while the vast majority of respondents were concerned by their financial situation, the survey showed most Australians were actually saving more money and paying off debt faster than ever before.
“The majority of Australians said they liked to keep a close eye on their day-to-day spending habits, with 60.8 per cent admitting they check their bank accounts at least once a week – up from 55.9 per cent in 2014,’’ Ms Darnbrough said.
“All of this data would suggest Australians are becoming increasingly savvy when it comes to managing their finances and controlling their spending.”
BARGAIN BUY: Principal of Powe Property Matt Powe recently listed this property at Parramatta Park for less than $300,000.
RENOVATION: 418 Severin St, Parramatta Park, was listed for offers over $290,000.