REAL estate bargain of the year? Or a sign of the times? 

As recently as June this swanky Wonga Beach mansion, known as Tropical Beach Oasis, was on the market for a cool $8 million.

Today, it is available to anyone who can cobble together $2.95 million.

The more than 50 per cent drop in the original asking price has occurred at a time when the global credit crisis has begun to impact on the Far Northern economy, especially the property market.

Agent Nathan Shingles from Les Freeman Real Estate, who is marketing the property for owner Jenna Williams, said he was still positive of achieving a strong outcome.

"This is a reflection of the state of the market but it is still an absolute premium property," he said.

"It's actually one of the best places in the Far North, being a beachside community and close to the Daintree."

Economic analysts spoken to by The Cairns Post said buyers of expensive properties were some of the most likely to have been hurt by the credit crisis and related stock market ructions.

Property analyst Michael Matusik recently told southern media about the increasing number of high-end properties on the market across the state.

Swish properties also listed for sale this year include Trinity Beach Palace, which has a price tag of $8.75 million, and Peter Lik's Bedarra Island home, selling for $1.7 million.

Agents have declined to comment on either property, although speculation is rife that deals are close in both cases.

Real Estate Institute of Queensland Far Northern zone chairman Rick Szelpuk said the credit crisis had impacted more on sales volumes than prices.

"I don't know the house in question (at Wonga Beach) so can't really comment about that, but there aren't really many houses in that price range," he said.

With the Reserve Bank cutting official interest rates to 5.25 per cent, he said the property market was ready to improve.

"There's been a lot of doom and gloom but I almost think the worst is behind us."

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