WHERE PROPERTY PRICES ARE SURGING AND WHY
Beach suburb is region’s most expensive
HOUSE prices are soaring across regional Queensland, with one Far North beach suburb standing head and shoulders above the rest as the place for wealthy buyers from Sydney and Melbourne.
New analysis shows that buyers are looking for property gold in regional Queensland and they are not afraid to drop some serious coin in order to secure their own slice of paradise at a fraction of the price of a waterfront mansion on the Sunshine Coast or an acreage property in the Gold Coast hinterland.
Outside the southeast corner, the most expensive house market can be found at Palm Cove (Cairns), where the median house price is $708,230, according to CoreLogic.
Other high price suburbs include Clifton Beach at $630,672, Whitfield at $567,973 and Edge Hill at $521,657.
Ray White Cairns Beaches sales agent Matthew Pearce said these suburbs had frequently been the top four for house prices in the region.
“They’ve all got their own aspects that make them appealing, but the common denominator is they’re trendy and upand-coming,” he said.
Mr Pearce said while $708,230 was the Palm Cove median, it and the surrounding beach suburbs had properties from $500,000 and up which rivalled the million-dollar properties in the capital cities.
“We’re getting a lot of inquiries from people in Melbourne and Sydney who are looking to sell there and move north,” he said.
“For many it’s an emotional change to shift to the tropics and they’re able to upgrade to more luxurious properties in Cairns’ premier suburb and still have funds left over to enjoy their life here.”
Mr Pearce is currently looking after a high-end property at 9 Kurt Close at Palm Cove, (left) with a massive 310 sqm under the roof, with a lovely grand entrance, 2.98m ceilings, a pool and entertainment area.
He said properties like this were driving interest in the suburb.
“It’s opulent living that gives you that rainforest feel while also being close to the beach,” he said.
“The interest has been phenomenal. Since listing this property we’ve had 39 inquiries through realestate.com in 14 days.
“I’ve sold Palm Cove properties built in the 60s and 70s selling well into the $600,000s.”