Shock as cheap house in Cairns crushes price of bigger neighbor – realestate.com.au

House prices in Cairns are rising so quickly that a two-bedroom townhouse has sold for more than an adjacent property, twice the size of last year – and double what the owner paid.

The 94sqm Parramatta Park mansion, just a short walk from the CBD and Esplanade, sold on Thursday for $410,000 – the cheapest property in Cairns to sell in the past week.

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The property sold for $410,000, which was more than an adjacent unit twice its size a year ago. Source: Realestate.com.au

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Rental valuation suggested $500 to $530 per week. Source: Realestate.com.au

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The owner bought the property seven years ago for $192,000, in a complex with an in-ground pool and open plan homes.

The sale set a new record for the complex, surpassing an adjacent 214 sqm unit that sold for $371,000 last year.

Ray White Cairns, Cairns Beaches and Palm Cove agent Ray Murphy listed the house with colleague Ben Keene. The ad suggested a rental valuation of $500-$530 per week for the property.

Cairns is experiencing strong demand from investors and buyers looking for more affordable real estate. Source: Realestate.com.au

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The mansion has an area of ​​94 m². Source: Realestate.com.au

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Calculations show that with a 20 percent down payment of $82,000 and principal and interest of 5.6 percent – ​​the average quoted by the Reserve Bank for investors – the weekly rent of about $500 would cover $3,200 in annual interest and $1,883 in monthly mortgage repayments.

The townhouse was described by agents as a ‘fantastic opportunity to secure a two-bedroom home in the vibrant inner-city location of Parramatta Park’, ideal for first home buyers or investors.

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The sale is a record for the complex in which it is located. Source: Realestate.com.au

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