WHAT A MILLION DOLLARS WILL BUY YOU

HIGH- END buyers with $ 1 million to splash on Townsville property are being told to buy now with value for money at the high end of the market at its peak.

Agents are warning that while now it’s easy to snap up a luxury home for below replacement cost, that is likely to change as the market improves.

In Sydney $ 1 million will buy only a small one or two bedroom apartment in many suburbs, while in Townsville a buyer could nab a luxuriously appointed, expansive house in some of Townsville’s most desirable locations.

Keyes & Co principal and REIQ regional director Damien Keyes said many locals were taking advantage of the softening market and upgrading to homes that otherwise would be out of their reach.

“The broader market’s general softening has brought a sense of reality and all owners, especially in the higher end, are pricing properties well to attract buyers,” he said.

“There is a lot of upgrading going on by local professionals and families because when the market turns those higher end homes will be harder to get for a good price.”

Mr Keyes is selling 28 Chapman St, which was renovated by the owners as their dream home, and it’s for sale for below the renovation costs.

“The reason for the sale was a work opportunity that was too good to pass up so they have renovated this home with a view they would be in it for 10 or more years,” he said.

“It has a high end fit- out and things like extra insulation which you probably wouldn’t get in a house that had been renovated for sale.”

Ray White Townsville Riverside agent Teresa Chandler is selling 54 Guilfoyle Cct, Kirwan, for $ 1,150,000. The huge, high- end home is in a prestigious pocket of Kirwan and borders the golf course.

Ms Chandler said homes such as this one would soon go up in price if high- end buyers did not act quickly.

“Buy before prices start going up,” she said.

“We are seeing more buyers, but prices haven’t actually risen yet. If they don’t buy now they are going to end up missing out on some really good property deals.”

Ray White agent Julie Mahoney, who regularly sells homes for over $ 1 million, said there was great value for money at the high end of the market but that could soon change.

“Terry Ryder ( Hotspotting founder) has just named Townsville one of the top 10 places to buy in and there are of course buyers from Syd- ney and Melbourne looking at regional areas,” she said.

“People are also looking at the lifestyle here and ... they say how relaxed it is here and in the age of technology and being upwardly mobile, people can do business from anywhere.”

TOWNSVILLE: 18 Macquarie St, Jensen, is on the market for $ 939,000. It has four bedrooms, two bathrooms, four car spaces and is on 2.3ha of land. The large home is spread out over two levels and has stunning bush views. There is also multiple outdoor...

TOWNSVILLE: 54 Guilfoyle Cct, Kirwan, has four bedrooms, two bathrooms, four car spaces and borders the golf course. It’s on the market for $ 1.15 million. It has a pool with waterfall and electric blinds. SYDNEY: A two- bedroom, one- bathroom terrace...

TOWNSVILLE: 28 Chapman St, Mysterton, is on the market for between $ 990,000 and $ 1,050,000. It’s been expertly renovated into one of the suburb’s most striking homes. It has 500 sqm of under- roof space as well as a swimming pool with adjoining...