SOUTHERN INVASION
Buyers fleeing COVID-hit states boost FNQ property market
SOUTHERNERS escaping COVID-19 states are providing a welcome surge in the Far North’s property market.
The buyers are snapping up homes sight unseen.
Real estate agents say there has been a considerable spike in people from Sydney and Melbourne wanting to buy and relocate to the Far North.
It comes as builders also report an increase in expensive renovations including master bedrooms and kitchens.
THE number of Cairns residents opting to undergo home renovations and extensions on their current property has spiked.
Through the HomeBuilder government grant $25,000 is available to those wanting to improve the liveability, accessibility or safety of their current home.
To be eligible, residents must spend more than $150,000 on renovations and the existing property needs to be valued at less than the national price cap of $1.5 million.
Cairns-based business Koru Building Contractors specialises in renovations and extensions as well as new homes, custom builds and commercial construction.
Company director Tony Newman said he’d received an increase in jobs from people wanting to expand their master bedroom, living spaces or kitchens.
“The reno market seems to be quite buoyant at the moment,” he said.
“We seem to be working in the Whitfield/ Edge Hill area mainly.
“Predominantly a new master bedroom, walk-in robe and ensuite extensions are quite popular, we’re doing two of those.
“One of them is a big extension of a living and dining/ kitchen area so either master bedrooms or living spaces and kitchens.
“Everyone was so worried when COVID came out, some businesses are totally affected but others seem to be carrying on as per normal or even in a better position.”
Master Builders Far North Queensland regional manager Sharon Vella said the number of renovation approvals in Cairns had spiked from June this year.
A total of 43 renovation approvals were made in June, 45 in July and 42 in August.
Ms Vella said there had also been a rise in the number of housing approvals across the city.
“Cairns went from 34 approvals in June to 64 and 60 in July and August, that is actually 75 per cent increase on the average month of single dwelling approvals,” she said.