Cairns southside suburbs top the list of most affordable homes
HOUSES on Cairns' southside are becoming the most affordable in the city, with properties at Bentley Park, Gordonvale and White Rock recording median sale prices below $300,000.Real Estate Institute of Queensland chief executive Anton Kardash said the figures were analysed from the September quarter median house price report.
The report showed buyers were taking advantage of lower-priced properties.
He said there was a 24 per cent increase in house sales below $350,000 across the state over the last quarter.
"Interest rates have reduced significantly this year and together with an improving economic outlook, this has spurred buyers into action," he said.
"Investors are recognising that yields have improved and are making a move on affordable property given our market appears to be turning a corner and demand for rental properties remains strong."
In Cairns, houses at White Rock proved to be the most affordable, recording a quarterly median sale price of $251,500.
Gordonvale followed at $277,000 and Bentley Park at $285,000.
Principal of Century 21 Donna Cahill Cairns Property, Donna Cahill, listed a three-bedroom White Rock property on Monday for $279,000.
She said the Harlequin St property was a 14-year-old Glenwood Home, which had recently been painted.
"It would suit a first-time buyer. It's priced right and because of the layout it's very family friendly," she said.
"The bonus is a swimming pool is included in that cost."
Ms Cahill said the property could also appeal to a savvy investor.
"You would probably get $360 a week rental return.
"Everyone thinks White Rock is so far south but when the road is finished it will take three minutes and you'll be in the CBD.
"It has had that stigma about it, it's a low socio-economic area but you've got one of the best schools in Cairns in the middle of it," she said.
Over the September quarter, the three most affordable suburbs in the state by median house price were Russell Island at $163,750, Mt Morgan at $165,000 and Rockhampton City at $177,500.
According to the Housing Industry Association, the housing affordability index increased by 5.3 per cent in the September quarter.
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Bargain buy: This home at Gordonavle is in the low $300,000 price rane and is one of the most affordable in the Far Northern property market.