Units going for “bargain-basement
Date: 31 March 2010


Now is the time to score a bargain in the Cairns unit market, Midwood Report author Bill Morris says.

Mr Morris recently released his report on the Queensland property and tourism markets for the February quarter.

He said the units built by developers who had since gone bust provided great opportunities for first home buyers.

“There are a lot of good buys in places like Hedley projects such as Trinity Cove and Vision,” he said. “

“There are (units) selling for less than $3000 a square metre which is bargain basement.

“In Citi Edge there are three bedders selling for $2800 a square metre and you wouldn’t get that anywhere else in Queensland unless you go out to bush places like Emerald.”

For the second half of last year there were 455 dewellings approved in Cairns, a down on the seven year average of 741.

“in 2003 and 2004 you were looking at about 1700 a year and even more in 2007,” he said.

“It’s probably a good time for a young couple to consider buying.”

During the February quarter there were 45 apartments sold in Cairns including Port Douglas. Ten unconditional sales were reported at Thakral’s Triology development.

Mr Morris said a lack of credit was contributing to a lack of dwelling construction in Cairns. He said the Federal Government should loosen the rules regarding banks’ debt to asset ratios in order to encourage lending.

He predicted home prices would rise because of the limited amount of stock.

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