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