Time for units to shine

The Weekend Post - Real Estate - - Front Page - BIANCA KEE­GAN

HOUSE val­ues are fi­nally turn­ing and now it’s time for units to shine.

Agents are re­port­ing a “pick up” in unit sales, with Cairns North and Cairns City at­tract­ing the ma­jor­ity of buy­ers.

Al­ready this year 194 and 145 units in Cairns North and Cairns City (re­spec­tively) have been sold.

Edge Hill has also been listed in the top 10 sub­urbs in Queens­land with the great­est dif­fer­ence be­tween house and unit val­ues.

The me­dian unit price in Edge Hill is $174,163 and the house value sits at $460,583, a 164 per cent dif­fer­ence.

L J Hooker agent Aimee In­gram sold a Collins Ave unit in Edge Hill this month and said qual­ity units were rarely for sale in the leafy sub­urb.

“The unit went un­der con­tract in eight days,’’ she said.

“Edge Hill and Whit­field pre­dom­i­nantly have houses and units in Edge Hill are usu­ally the stu­dio type.

“This one I had on the mar­ket was very unique and in a very de­sir­able lo­ca­tion, be­ing on Collins Ave.”

Ms In­gram said an owne­roc­cu­pier snapped up the prop­erty, which would set­tle to­day.

REIQ spokesman for Cairns Greg Clyde-Smith said there was very lit­tle chance for fu­ture devel­op­ment in Edge Hill.

“The only apart­ments that have been built in Edge Hill have been there for some time,’’ he said.

“Units are good as an in­vestor but you have to se­lect the right type of prop­erty.

“If you get some­thing in de­mand with ten­ants and it’s rel­a­tively easy to let (lease), then it’s go­ing to be a good in­vest­ment.”

Mr Clyde-Smith said units closer to the city cen­tre usu­ally pre­sented the best in­vest­ment op­por­tu­nity.

“Units are sell­ing quite well but they aren’t as good as houses.

“They haven’t in­creased in value as much as houses.

“Units closer to the city cen­tre are gen­er­ally bet­ter; that would be my pick for the bet­ter ar­eas to go for.”

Only half of the 10 sub­urbs listed for the great­est dif­fer­ence be­tween house and unit val­ues were in Bris­bane.

The Gold Coast fea­tured largely on the list but un­like Syd­ney and Mel­bourne lists, only half of the sub­urbs had a me­dian house value of more than $1 mil­lion.

Pic­ture: BREN­DAN RADKE

PRIC­ING AD­VAN­TAGE: Real es­tate agent Aimee In­gram (left) re­cently sold Sta­cie Boc­ca­latti's Edge Hill unit in Collins Ave.

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