We kick of 2020 with an opportunity to purchase a 4 bedroom, 2 bath property on a generous 1,012 sqm, fully fenced block in Manunda, a suburb in Cairns, Queensland.
Located just 5 minutes from Cairns CBD, this home offers space and a convenient location. With a floor size of 135 sqm, the home offers 3 good-sized bedrooms with an extra large 4th bedroom that can be used as a rumpus room or home studio; an open plan dining/lounge area; a separate laundry; undercover parking for 2 cars and a secure outdoor entertaining area.
Built in 1970, the home needs some cosmetic updates which is reflected in the low asking price of mid-$300,000s. The current Asking Prices for houses in postcode 4870 is approximately $395k to $477k.
Asking prices have dipped by 3.9% over the last month which is not unusual for the festive/holiday season. Over the last 3 years there has been marginal growth of 0.6% for house asking prices. Unit asking prices have had higher growth of 5.6% over the 3 years and 4.9% over the 12 months.
This property has been on sale since November 2019 and was last sold for a bargain price of $37,331 in April 2018 - this was more likely an off-market transfer. Prior to this transfer, the home was sold for a more realistic $290,000 in September 2010. The agent says the owners have just moved overseas and are keen for a sale, so make an offer.
Manunda is a family-friendly suburb and the home is close to Raintrees Shopping Centre, Cairns CBD, cafes and schools.
The property could make a good rental with Asking Rents in the area increasing 2.9% over the month and 13.9% growth over 3 years. Asking Rents for units have increased 14.1% over 3 years. The Implied gross rental yield for houses is a healthy 5.7%.
In the last 5 years, the Vacancy Rates has remained below 2.5% and is currently a low 1.7%. Demand is set to rise due to population and job growth in Cairns as a result of multiple infrastructure projects currently underway, including construction of a number of new hotels, expansion of Cairns Port, upgrades to the local James Cook University, Cairns Airport domestic terminal and the Cairns Convention Centre.
This area has also always been a popular travel destination for tourists due to its tropical climate and the gateway to the Great Barrier Reef.
Sitting on a large block in a convenient location, there is potential in this home and with Sydney and Melbourne’s house price recovery, Queensland and its regional areas is currently offering more value for money for buyers.
For further insights into the property market in 2020, subscribe to Christopher’s Boom and Bust Report 2020.
SQM website features free property data that is now more interactive, easier to navigate and user-friendly, so keep monitoring this market’s growth at SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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