CBD units com­mand top dol­lar

The Weekend Post - Real Estate - - Real Estate -

WITH first half of the year be­hind us we can re­flect on the state of the city’s apart­ment mar­ket. Avail­abil­ity of apart­ments that are likely to ap­peal to owner oc­cu­piers re­mains very low. A quick search on realestate.com.au for apart­ments in Cairns city priced in ex­cess of $600,000 re­veals only nine for sale. Of those, four were priced in ex­cess of $1m, only three were three-bed­room, with the low­est price be­ing $955,000. If you want a three­bed­room apart­ment in the CBD proper there isn’t a lot of choice. There is also a fair price dif­fer­ence be­tween apart­ments in this precinct and those fur­ther down or fur­ther away from the Es­planade. Be­cause of the lim­ited sup­ply, there hasn’t been a lot of sale ac­tiv­ity. The high­est sale price this year is $945,000. There have been only two other sales over $900,000. The most re­cent sale prices saw rea­son­able gains for sellers. We would ex­pect this trend to con­tinue with stock avail­abil­ity re­main­ing low. The like­li­hood of there be­ing any new de­vel­op­ments re­leased in the CBD in the next 12 months is un­likely, so don’t ex­pect any re­lief to the cur­rent po­si­tion. Ni­cholas Slatyer, Belle Prop­erty Cairns prin­ci­pal/di­rec­tor

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