Unit and townhouse prices drop across the bulk of the city
Units and townhouses in Cairns North have seen a dramatic 43 per cent dip in sale prices during the last quarter.
The Real Estate Institute of Queensland (REIQ) released its June quarter median unit and townhouse price report last week, revealing a price drop in most Cairns suburbs.
Despite Cairns North performing the worst, Cairns city showed a 21.3 per cent increase in price during the three months.
This was mostly due to waterfront properties sold during the time which boosted the figures.
The western suburb of Manoora saw a drop of 5.7 per cent in price during the quarter, however this was balanced out by a 5.6 per cent price gain in the past 12 months.
It was the only suburb in Cairns to experience a positive price change in the previous 12 months.
However, real estate agents say it’s not all doom and gloom, with the new figures indicating a good time to enter the market to take advantage of low prices.“As was the case with the house market, there was reduced unit and townhouse sales activity over the June quarter as many buyers waited for the return of the stamp duty concession on July 1,” REIQ CEO Anton Kardash said.
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Rise up: Cairns city showed a 21.3 per cent increase in the June quarter while units and townhouses in Cairns North dropped 43 per cent.