UNIT MARKET IS SIZZLING

City units with views have been flying off the shelf lately and this Abbott St property should be no exception

DEMAND for apartments with views is high with FOMO – a fear of missing out – a big factor in buyers signing contracts quickly, according to Quaid Real Estate’s Thomas Quaid.

“Demand is particularly high for apartments seen as a lifestyle choice, and there’s a lot of emotion with many buyers – a lot of people get heated as they’ve missed out, or been looking for a long time,” he said.

“They see a property and fall in love with some aspect of it and don’t want to miss out, so we are seeing more and more that people are walking through the door and making a decision with their heart very quickly.

“I had an older couple who had sold their home at the start of the year, spent six months looking for a new home, they came into an apartment at Northshore and signed the contract 15 minutes later.

“The unit market has had tough times in Cairns post-GFC; this is the strongest we have seen it in a long time.”

Median sales for units in Cairns City are $350,000 – down from $410,000 in January – compared with $225,000 for the broader Cairns region, according to CoreLogic data.

Mr Quaid said he did not expect this unit, on the fifth floor of Northshore Tower facing the Esplanade, to last long.

It has appealing ocean, city and mountain views from the living and dining areas, kitchen, and both bedrooms as well as balconies.

It has a large master bedroom with a big walk-in robe and direct patio access.

A total of 149 units in the city have changed hands this year, with top price being $1.16m for a penthouse at Centrepoint apartments at 141143 Abbott St, in September.

A nearby apartment at Marquis on Grafton sold for $2.1m in August, and an apartment at the blue-riband Harbour Lights complex on Marlin Pde fetched $1.75m in January.